Peterson Marital Trust v. Commissioner
United States Tax Court
Upon his death in 1974, Mr. P established a testamentary marital trust for the benefit of his wife. Mrs. P was given a lifetime interest in the income of the marital trust, and a testamentary general power of appointment over the marital trust assets. To the extent Mrs. P did not exercise her power of appointment, Mr. P's will provided that the assets of the marital trust would pass to Mr. P's grandchildren.
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Upon his death in 1974, Mr. P established a testamentary marital trust for the benefit of his wife. Mrs. P was given a lifetime interest in the income of the marital trust, and a testamentary general power of appointment over the marital trust assets. To the extent Mrs. P did not exercise her power of appointment, Mr. P's will provided that the assets of the marital trust would pass to Mr. P's grandchildren. These grandchildren were the grandchildren of Mr. P by a prior marriage, and were not the grandchildren of Mrs. P. Upon her death in 1987, Mrs. P did not exercise her testamentary general…
1Opinion of the Court
OPINION
Hamblen, Chief Judge:
Respondent determined a deficiency in petitioner’s Federal generation-skipping transfer (gst) tax in the amount of $810,925. Unless otherwise indicated, section references are to the Internal Revenue Code in effect as of the date of the transfers at issue, and all Rule references are to the Tax Court Rules of Practice and Procedure.
After concessions by petitioner,1 the issues for decision are:(1) Whether the transfers of assets from the E. Norman Peterson Marital Trust (marital trust) upon the death of Eleanor C. Peterson (Mrs. Peterson) are excepted from the…
2Cases cited26 opinions
- Bolling v. SharpeSupreme Court of the United States · 1954
- Regan v. Taxation With Representation of WashingtonSupreme Court of the United States · 1983
- United States v. Vogel Fertilizer Co.Supreme Court of the United States · 1982
- United States v. JacobsSupreme Court of the United States · 1939
- United States v. O'MALLEYSupreme Court of the United States · 1966
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3Cited by101 opinions
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- Redlark v. Comm'rUnited States Tax Court · 1996
- Hospital Corp. of Am. v. CommissionerUnited States Tax Court · 1996
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