Estate of Marshall v. Commissioner
United States Tax Court
In December 1930 decedent transferred securities valued at $ 374,790 to her husband. He promised to make full restitution, and did so by the conveyance of property worth $ 616,021.66 to two trusts, created on Mar. 10 and 17, 1931, under which decedent was given the life income therefrom plus general testamentary powers of appointment over the corpora, with a gift in default of exercise of the powers to her intestate heirs. In 1943 decedent released her powers.
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In December 1930 decedent transferred securities valued at $ 374,790 to her husband. He promised to make full restitution, and did so by the conveyance of property worth $ 616,021.66 to two trusts, created on Mar. 10 and 17, 1931, under which decedent was given the life income therefrom plus general testamentary powers of appointment over the corpora, with a gift in default of exercise of the powers to her intestate heirs. In 1943 decedent released her powers. Held: In substance and practical effect decedent transferred property to the trusts to the extent of her claim for restitution against…
1Opinion of the Court
FeatheRSTon, Judge:
Respondent determined deficiencies in petitioners’ estate tax in docket No. 147-67 in tbe amount of $1,055,558.70 and in petitioners’ gift tax in docket No. 1178-68 in the amount of $66,565.92, plus an addition to tbe gift tax of $16,641.48 under section 3612(d) (1) of the Internal Revenue Code of 1939.
Certain issues have been settled, and the addition to tbe gift tax has been conceded by respondent. Tbe only issue remaining in tbe estate tax case is whether, within the meaning of section 2036,1 decedent made a transfer of property after March 3, 1931, retaining a life…
2Cases cited46 opinions
- Helvering v. HallockSupreme Court of the United States · 1940
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Lehman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1940
- Lyon v. AlexamderSupreme Court of Pennsylvania · 1931
- Gregory v. CommissionerUnited States Tax Court · 1963
41 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Smith v. CommissionerUnited States Tax Court · 1971
- Daniel J. Mahoney Jr., of the Estate of James M. Cox Jr. v. United StatesCourt of Appeals for the Sixth Circuit · 1987
- Estate of Shafer v. CommissionerUnited States Tax Court · 1983
- Estate of Miller v. CommissionerUnited States Tax Court · 1972
- Bank of New York v. United StatesDistrict Court, S.D. New York · 1970
8 more not listed; retrieve them via the Exa API.