Estate of McGuire v. Comm'r
United States Tax Court
Decedent's will created a trust and directed the trustee to apply the net income and "so much of the principal as in the judgment" of the trustee "shall be necessary for the comfort of my sister, Mother M. Camilla of the Sisters of Mercy, Rochester, New York." The balance remaining upon the death of decedent's sister was to be paid to the Sisters of Mercy.
Read the full summary
Decedent's will created a trust and directed the trustee to apply the net income and "so much of the principal as in the judgment" of the trustee "shall be necessary for the comfort of my sister, Mother M. Camilla of the Sisters of Mercy, Rochester, New York." The balance remaining upon the death of decedent's sister was to be paid to the Sisters of Mercy. Held, the trustee's power of invasion of the corpus of the trust was limited by a definite and ascertainable standard, and the estate is entitled to a deduction under sec. 2055 (a), I.R.C. 1954, computed in the manner prescribed by sec.…
1Opinion of the Court
Estate of Bernard J. McGuire, Erwin J. McGuire, Executor, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of McGuire v. Comm'r
Docket No. 6793-71
United States Tax Court
59 T.C. 361; 1972 U.S. Tax Ct. LEXIS 16;
November 30, 1972, Filed
Decision will be entered under Rule 50.
Decedent's will created a trust and directed the trustee to apply the net income and "so much of the principal as in the judgment" of the trustee "shall be necessary for the comfort of my sister, Mother M. Camilla of the Sisters of Mercy, Rochester, New York." The balance remaining upon the death of decedent's…
2Cases cited19 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Henslee v. Union Planters National Bank & Trust Co.Supreme Court of the United States · 1949
- Merchants Nat. Bank of Boston v. CommissionerSupreme Court of the United States · 1943
- In Re the Accounting of the Manufacturers National Bank of TroyNew York Court of Appeals · 1936
- Holden v. . StrongNew York Court of Appeals · 1889
14 more not listed; retrieve them via the Exa API.