Laird v. Commissioner
United States Board of Tax Appeals
1. Where the decedent created a trust, the corpus of which consisted of life insurance taken out by him upon his life (designated as the Primary Trust Fund) and shares of corporate stock (designated as the Secondary Trust Fund), the net income from the secondary fund to be used to pay premiums on the life insurance policies, and, upon the further trust, after December 27, 1933, or the prior death of the trustor, to pay over the income or trust corpus to trustor's wife and…
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1. Where the decedent created a trust, the corpus of which consisted of life insurance taken out by him upon his life (designated as the Primary Trust Fund) and shares of corporate stock (designated as the Secondary Trust Fund), the net income from the secondary fund to be used to pay premiums on the life insurance policies, and, upon the further trust, after December 27, 1933, or the prior death of the trustor, to pay over the income or trust corpus to trustor's wife and children, or issue of children then living, and the trustor reserved the right to change the beneficiaries of the trust,…
1Opinion of the Court
*203OPINION.
Smith:
The first question presented by this proceeding is the correctness of the action of the respondent in including in the gross estate of the decedent the value of a trust fund held by the Wilmington Trust Co. This trust fund was created by an agreement *204between the decedent and the Wilmington Trust Oo. dated December 27, 1923. Pursuant to this agreement, the decedent transferred to the trust company certain life insurance policies taken out by him upon his life (designated as the Primary Trust Fund), and shares of corporate stock (designated as the Secondary Trust Fund), the net…
2Cases cited14 opinions
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Wickwire v. ReineckeSupreme Court of the United States · 1927
- Porter v. CommissionerSupreme Court of the United States · 1933
9 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Mellon v. DriscollCourt of Appeals for the Third Circuit · 1941
- Gamble v. CommissionerUnited States Board of Tax Appeals · 1935
- Brown v. CommissionerUnited States Board of Tax Appeals · 1939
- Laird v. CommissionerUnited States Board of Tax Appeals · 1938
- Laird v. CommissionerUnited States Board of Tax Appeals · 1933
1 more not listed; retrieve them via the Exa API.