King v. Commissioner
United States Tax Court
The decedent in 1935 created three trusts, transferring securities to a named trustee, the trust indenture providing that the income should be paid to certain designated beneficiaries for life, with remainders over to designated remaindermen.
Read the full summary
The decedent in 1935 created three trusts, transferring securities to a named trustee, the trust indenture providing that the income should be paid to certain designated beneficiaries for life, with remainders over to designated remaindermen. The indenture provided among other things that any principal of the trust might be invested or reinvested in any type of property even though speculative, extrahazardous, and unproductive, and that during the lifetime of the grantor the trustee should exercise the rights of management and investment only in accordance with directions of the grantor.…
1Opinion of the Court
OPINION.
Atkins, Judge:
The respondent determined a deficiency in estate tax in the amount of $341,369.15 which resulted from several adjustments; made by him, but principally from the inclusion in the decedent’s gross estate, at a value of $795,395.02, of assets of three trusts which the decedent had created during his lifetime. By agreement between the parties all issues have been settled except that relating to the respondent’s inclusion of the amount of $795,395.02 in the gross estate, and the amount of additional deductions for expenses of administration incurred subsequent to the filing…
2Cases cited12 opinions
- Carrier v. . CarrierNew York Court of Appeals · 1919
- Collister v. . FassittNew York Court of Appeals · 1900
- State Street Trust Company, Executors v. United StatesCourt of Appeals for the First Circuit · 1959
- Downe v. CommissionerUnited States Tax Court · 1943
- In re McVicarAppellate Division of the Supreme Court of the State of New York · 1931
7 more not listed; retrieve them via the Exa API.
3Cited by36 opinions
- Bixby v. CommissionerUnited States Tax Court · 1972
- United States v. ByrumSupreme Court of the United States · 1972
- Estate of Ford v. CommissionerUnited States Tax Court · 1969
- Pardee v. CommissionerUnited States Tax Court · 1967
- United States v. PowellCourt of Appeals for the Tenth Circuit · 1962
31 more not listed; retrieve them via the Exa API.