Moffett v. Commissioner
United States Tax Court
A charitable organization received a contingent remainder interest in the corpus of a trust established by decedent's will. As of the date of the decedent's death, the chances were either 191 in 1,000, or 291 in 1,000, by actuarial calculation, that the contingency would occur by which the charity would not receive the remainder interest.
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A charitable organization received a contingent remainder interest in the corpus of a trust established by decedent's will. As of the date of the decedent's death, the chances were either 191 in 1,000, or 291 in 1,000, by actuarial calculation, that the contingency would occur by which the charity would not receive the remainder interest. Held, under all the circumstances of the case, and under either actuarial computation, the possibility that the charity will not take is not so remote as to be negligible and the estate is not entitled to a charitable deduction for the value of the remainder…
1Opinion of the Court
OPINION.
Train, Judge:
Respondent determined a deficiency in petitioners’ estate tax in the amount of $436,044.99. The petitioners claim that an overpayment of tax has been made.
The issues for our decision are: (1) Whether the petitioners are entitled to a deduction under section 812 (d) of the Internal Revenue Code of 1939 with respect to the value of a remainder interest in the corpus of a testamentary trust established by decedent, said remainder interest being for the benefit of a charitable corporation, and (2) if the answer to the first issue is in the affirmative, the value of that…
2Cases cited10 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Edwards v. SlocumSupreme Court of the United States · 1924
- Humes v. United StatesSupreme Court of the United States · 1928
- Robinette v. HelveringSupreme Court of the United States · 1943
- Newton Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1947
5 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Estate of George M. Moffett, Deceased, the Hanover Bank, and James A. Moffett, 2nd v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1959
- Woodworth v. CommissionerUnited States Tax Court · 1966
- Estate of Gooel v. CommissionerUnited States Tax Court · 1977
- Estate of De Foucaucourt v. CommissionerUnited States Tax Court · 1974
- Polster v. CommissionerUnited States Tax Court · 1959
7 more not listed; retrieve them via the Exa API.