Nettleton v. Commissioner
United States Tax Court
The decedent created two irrevocable trusts and named himself as one of the three trustees of each trust. The income of each trust was to be paid to decedent's daughter during her lifetime and at her death the corpus was to be divided into as many shares as she had children living at the date of the creation of the trust and at her death, and the income of each share was to be paid to each child for life, and on the death of such child, the corpus so held in trust for each…
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The decedent created two irrevocable trusts and named himself as one of the three trustees of each trust. The income of each trust was to be paid to decedent's daughter during her lifetime and at her death the corpus was to be divided into as many shares as she had children living at the date of the creation of the trust and at her death, and the income of each share was to be paid to each child for life, and on the death of such child, the corpus so held in trust for each child was to be distributed to the child's issue. Each trust provided that the trustees in their uncontrolled discretion…
1Opinion of the Court
OPINION.
HaRRon, Judge-.
Section 811 (d) (2) of the Internal Revenue Code provides that the gross estate of a decedent shall include the value of property transferred in trust by the decedent “where the enjoyment thereof was subject at the date of his death to any change through the exercise of a power, either by the decedent alone or in conjunction with any person, to alter, amend, or revoke * * The respondent takes the position that the power granted to the trustees by paragraph seventh of the 1932 trust and paragraph eighth of the 1935 trust amounts to a power reserved by the decedent to…
2Cases cited7 opinions
- Merchants Nat. Bank of Boston v. CommissionerSupreme Court of the United States · 1943
- Porter v. CommissionerSupreme Court of the United States · 1933
- Fidelity-Philadelphia Trust Co. v. RothensiesSupreme Court of the United States · 1945
- In re the Construction of the Last Will & Testament of BriggsAppellate Division of the Supreme Court of the State of New York · 1917
- In Re the Will of BriggsNew York Court of Appeals · 1918
2 more not listed; retrieve them via the Exa API.
3Cited by38 opinions
- Commissioner v. Estate of HolmesSupreme Court of the United States · 1946
- Hurd v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1947
- Estate of Budlong v. CommissionerUnited States Tax Court · 1946
- United States v. PowellCourt of Appeals for the Tenth Circuit · 1962
- Wilson v. CommissionerUnited States Tax Court · 1949
33 more not listed; retrieve them via the Exa API.