Goetchius v. Commissioner
United States Tax Court
Estate Tax -- No Bona Fide Sale for Adequate and Full Consideration in Money's Worth Under Section 811 (c) (1). -- The decedent created a life insurance trust giving X a contingent interest for life in the trust income after his death. Subsequently X consented to relinquish her interest in the trust income to the decedent's brother in exchange for contingent interests in survivorship annuity contracts in which the decedent was an annuitant during his life.
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Estate Tax -- No Bona Fide Sale for Adequate and Full Consideration in Money's Worth Under Section 811 (c) (1). -- The decedent created a life insurance trust giving X a contingent interest for life in the trust income after his death. Subsequently X consented to relinquish her interest in the trust income to the decedent's brother in exchange for contingent interests in survivorship annuity contracts in which the decedent was an annuitant during his life. Under Commissioner v. Clise, 122 F. 2d 998, the annuity contracts are includible in decedent's estate under section 811 (c) unless the…
1Opinion of the Court
opinion.
HaRROn, Judge:
The decedent procured property — the 24 annuity contracts — through expenditures of his own funds, and he made transfers of interests in that property to Mrs. Eleanor Ray with the purpose, effected at his death, of having them pass to her. Chase National Bank v. United States, 278 U. S. 327, 337. He was the first annuitant under the annuity contracts, and in that way he reserved to himself the economic benefit of the contracts during his lifetime. By transferring to Mrs. Ray survivorship interests in the annuity contracts, the decedent postponed “the fruition of the…
2Cases cited20 opinions
- Helvering v. HallockSupreme Court of the United States · 1940
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Helvering v. Le GierseSupreme Court of the United States · 1941
- Merrill v. FahsSupreme Court of the United States · 1945
15 more not listed; retrieve them via the Exa API.
3Cited by39 opinions
- Estate of Bongard v. Comm'rUnited States Tax Court · 2005
- Gregory v. CommissionerUnited States Tax Court · 1963
- Bank of New York v. United StatesCourt of Appeals for the Third Circuit · 1975
- Estate of Frothingham v. CommissionerUnited States Tax Court · 1973
- Estate of Friedman v. Comm'rUnited States Tax Court · 1963
34 more not listed; retrieve them via the Exa API.