Bank of America Nat'l Asso. v. Commissioner
United States Board of Tax Appeals
TRUSTS - DEDUCTION. - The testator's will created a trust, the income therefrom to be paid to his wife and daughter during their lives in equal shares and all the income to the survivor. The wife and daughter were given power of appointment over $150,000 and $75,000, respectively, of the principal of the trust.
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TRUSTS - DEDUCTION. - The testator's will created a trust, the income therefrom to be paid to his wife and daughter during their lives in equal shares and all the income to the survivor. The wife and daughter were given power of appointment over $150,000 and $75,000, respectively, of the principal of the trust. Upon their deaths, $5,000 was to go to a cemetery and the remainder of the principal to be distributed pro rata among 12 charitable, religious, and educational institutions and a certain club, except that the amount so distributed should not exceed one-half of the testator's estate.…
1Opinion of the Court
BANK OF AMERICA NATIONAL ASSOCIATION, AS TRUSTEE UNDER THE WILL OF JAMES HALE BATES, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Bank of America Nat'l Asso. v. Commissioner
Docket No. 40078.
United States Board of Tax Appeals
19 B.T.A. 1273; 1930 BTA LEXIS 2232;
May 29, 1930, Promulgated
TRUSTS - DEDUCTION. - The testator's will created a trust, the income therefrom to be paid to his wife and daughter during their lives in equal shares and all the income to the survivor. The wife and daughter were given power of appointment over $150,000 and $75,000, respectively, of the…
2Cases cited1 opinion
- Bank of America Nat'l Asso. v. CommissionerUnited States Board of Tax Appeals · 1930