Plunkett v. Commissioner
United States Board of Tax Appeals
1. The petitioner is the life beneficiary of a testamentary trust. Certain securities delivered to the trustee by the executor were valued for estate tax purposes at $392,750. In 1929 the trustee, in violation of the terms of the will creating the trust, exchanged these securities for other securities. By court order the trustee was required to substitute therefor in the principal account of the trust $500,000 cash.
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1. The petitioner is the life beneficiary of a testamentary trust. Certain securities delivered to the trustee by the executor were valued for estate tax purposes at $392,750. In 1929 the trustee, in violation of the terms of the will creating the trust, exchanged these securities for other securities. By court order the trustee was required to substitute therefor in the principal account of the trust $500,000 cash. By decree of the Probate Court dated October 9, 1934, the trustee was ordered to transfer $70,000 from the principal of the trust fund to income account and to pay that amount…
1Opinion of the Court
THEODORE R. PLUNKETT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Plunkett v. Commissioner
Docket No. 94017.
United States Board of Tax Appeals
41 B.T.A. 700; 1940 BTA LEXIS 1154;
March 29, 1940, Promulgated
1. The petitioner is the life beneficiary of a testamentary trust. Certain securities delivered to the trustee by the executor were valued for estate tax purposes at $392,750. In 1929 the trustee, in violation of the terms of the will creating the trust, exchanged these securities for other securities. By court order the trustee was required to substitute therefor in the…
2Cases cited24 opinions
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- Lyeth v. HoeySupreme Court of the United States · 1938
- Freuler v. HelveringSupreme Court of the United States · 1934
- Irwin v. GavitSupreme Court of the United States · 1925
- Lucas v. Pilliod Lumber Co.Supreme Court of the United States · 1930
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