Houghteling v. Commissioner
United States Board of Tax Appeals
Under the law of Illinois, the place of the transaction herein, a trust may not be terminated by the consent and agreement of the trustees and the beneficiaries holding vested interests where there are contingent interests in he trust which can not be determined until the happending of certain events.
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Under the law of Illinois, the place of the transaction herein, a trust may not be terminated by the consent and agreement of the trustees and the beneficiaries holding vested interests where there are contingent interests in he trust which can not be determined until the happending of certain events. Under the terms of the trust instrument in the instant case the decedent settlor at the date of her death had the power, in conjunction with the two beneficiaries having vested interests, to revoke the said trust. One of the above beneficiaries had two children who had contingent interests which…
1Opinion of the Court
OPINION.
Turner :
This proceeding involves a deficiency in estate tax in the amount of $11,412.35. The question presented is -whether, the amount of $90,000 representing the value of certain shares of stock transferred by the decedent to a trust prior to her death should be included in her gross estate under section 302 (d) of the Revenue Act of 1926 as amended. In his deficiency notice, respondent stated that his determination was in accordance with section 302 (c) and/or section 302 (d). At the hearing section 302 (c) was again mentioned as a basis for the claimed deficiency, but in neither…
2Cases cited7 opinions
- Helvering v. City Bank Farmers Trust Co.Supreme Court of the United States · 1935
- Helvering v. HelmholzSupreme Court of the United States · 1935
- Brandenburg v. ThorndikeMassachusetts Supreme Judicial Court · 1885
- Anderson v. WilliamsIllinois Supreme Court · 1914
- Hubbard v. BuddemeierIllinois Supreme Court · 1927
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Estate of Siegel v. CommissionerUnited States Tax Court · 1980
- Estate of Siegel v. CommissionerUnited States Tax Court · 1980
- Houghteling v. CommissionerUnited States Board of Tax Appeals · 1939