Carlton v. Commissioner
United States Tax Court
Decedent, in 1930, created a trust to which he conveyed securities and life insurance policies, retaining certain powers and reserving, for life, the income remaining after payment of premiums on the policies. Decedent agreed with beneficiary and beneficiary's wife not to change terms of trust without their consent.
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Decedent, in 1930, created a trust to which he conveyed securities and life insurance policies, retaining certain powers and reserving, for life, the income remaining after payment of premiums on the policies. Decedent agreed with beneficiary and beneficiary's wife not to change terms of trust without their consent. Without obtaining such consent decedent thereafter, by letter and subsequently by executed instrument both delivered to the trustee, released all retained powers except the power to appoint a successor trustee to the individual trustee who had resigned, which right had not been…
1Opinion of the Court
OPINION.
Scott, Judge:
Bespondent determined a deficiency in estate tax in the amount of $110,691.35 for the Estate of Newcomb Carlton.
The issue for decision is whether the entire proceeds of insurance policies, or any part thereof, and the value of securities transferred in trust by decedent are includible in his gross estate.
In his notice of deficiency respondent determined that “the entire proceeds of life insurance policies aggregating $239,327.54 on the life of Newcomb Carlton held by and payable to the Chase Manhattan Bank (successor trustee) under agreement of trust dated February…
2Cases cited22 opinions
- Lober v. United StatesSupreme Court of the United States · 1953
- Tutunjian v. VetzigianNew York Court of Appeals · 1949
- Commissioner of Internal Revenue v. TreganowanCourt of Appeals for the Second Circuit · 1950
- United States v. Manufacturers National Bank of DetroitSupreme Court of the United States · 1960
- Cuddihy v. CommissionerUnited States Tax Court · 1959
17 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Estate of John J. Connelly, Sr. (Deceased) and Ellen C. King v. United StatesCourt of Appeals for the Third Circuit · 1977
- Fruehauf v. CommissionerUnited States Tax Court · 1968
- Estate of Fruehauf v. CommissionerCourt of Appeals for the Sixth Circuit · 1970
- Estate of Skifter v. CommissionerUnited States Tax Court · 1971
- Estate of Thomson v. CommissionerUnited States Tax Court · 1972
14 more not listed; retrieve them via the Exa API.