Estate of Grimes v. Commissioner
United States Tax Court
Decedent and his deceased wife executed a joint and mutual will leaving certain property to the survivor of them, with the remainder to named beneficiaries. Held: Decedent did not make a present gift of the savings accounts in which he had an interest at the time of his spouse's death.
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Decedent and his deceased wife executed a joint and mutual will leaving certain property to the survivor of them, with the remainder to named beneficiaries. Held: Decedent did not make a present gift of the savings accounts in which he had an interest at the time of his spouse's death. Held further: Decedent took a life estate in all other subject property and lost dominion and control over the property so as to complete a present gift of the remainder interest for Federal gift tax purposes at that time.
1Opinion of the Court
ESTATE OF JESSE L. GRIMES, DECEASED, DAVID GRIMES, EXECUTOR, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Estate of Grimes v. Commissioner
Docket No. 26200-84.
United States Tax Court
T.C. Memo 1987-379; 1987 Tax Ct. Memo LEXIS 566; 54 T.C.M. (CCH) 1; T.C.M. (RIA) 87379;
August 3, 1987.
Decedent and his deceased wife executed a joint and mutual will leaving certain property to the survivor of them, with the remainder to named beneficiaries.
Held: Decedent did not make a present gift of the savings accounts in which he had an interest at the time of his spouse's death.
Held further:…
2Cases cited21 opinions
- Adickes v. S. H. Kress & Co.Supreme Court of the United States · 1970
- Aquilino v. United StatesSupreme Court of the United States · 1960
- Jacklin v. CommissionerUnited States Tax Court · 1982
- Bonczkowski v. KucharskiIllinois Supreme Court · 1958
- Peck v. DrennanIllinois Supreme Court · 1951
16 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- United States v. BartlettDistrict Court, C.D. Illinois · 2002