Estate of Wyly v. Commissioner
United States Tax Court
Decedent and his wife, Texas residents, transferred community property into a trust pursuant to which the income was to go to the wife for her life, with remainder to grandchildren. Under Texas law, the trust income was community property, with the decedent remaining the owner of one-half thereof. Held, the decedent's one-half share of the transferred community property was fully includable in his gross estate.
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Decedent and his wife, Texas residents, transferred community property into a trust pursuant to which the income was to go to the wife for her life, with remainder to grandchildren. Under Texas law, the trust income was community property, with the decedent remaining the owner of one-half thereof. Held, the decedent's one-half share of the transferred community property was fully includable in his gross estate. United States v. Estate of Grace, 395 U.S. 316 (1969); Estate of Castleberry v. Commissioner, 68 T.C. 682 (1977).
1Opinion of the Court
Estate of Charles J. Wyly, Sr., Flora E. Wyly, Independent Executrix, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Wyly v. Commissioner
Docket No. 8781-75
United States Tax Court
69 T.C. 227; 1977 U.S. Tax Ct. LEXIS 24;
November 15, 1977, Filed
Decision will be entered under Rule 155.
Decedent and his wife, Texas residents, transferred community property into a trust pursuant to which the income was to go to the wife for her life, with remainder to grandchildren. Under Texas law, the trust income was community property, with the decedent remaining the owner of one-half…
2Cases cited15 opinions
- Irwin v. GavitSupreme Court of the United States · 1925
- United States v. Estate of GraceSupreme Court of the United States · 1969
- Estate of Daniel McNichol Deceased, Ellen McNichol Evangelista and Joseph G. McNichol Executors v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1959
- Commissioner of Internal Revenue v. WilsonCourt of Appeals for the Fifth Circuit · 1935
- Gorman v. GauseTexas Commission of Appeals · 1933
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