Klauber v. Commissioner
United States Tax Court
1. Express terms of trust instrument and applicable State law gave decedent powers amounting to a "reversionary interest" as described in section 811(c)(2), I.R.C. 1939. 2. Since only an ascertainable portion of corpus was subject to such powers, only that portion was includible in decedent's gross estate. 3. The values of such powers, a secondary life estate, and remote reversions in the entire corpus cannot be added in determining whether the requisite 5 per centum…
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1. Express terms of trust instrument and applicable State law gave decedent powers amounting to a "reversionary interest" as described in section 811(c)(2), I.R.C. 1939. 2. Since only an ascertainable portion of corpus was subject to such powers, only that portion was includible in decedent's gross estate. 3. The values of such powers, a secondary life estate, and remote reversions in the entire corpus cannot be added in determining whether the requisite 5 per centum interest under section 811(c) (2) has been exceeded. 4. A discretionary power of termination, not vested in decedent and of no…
1Opinion of the Court
Estate of Arthur Klauber, Deceased, Charles J. Tanenbaum and Edward Klauber, Executors, Petitioner, v. Commissioner of Internal Revenue, Respondent
Klauber v. Commissioner
Docket No. 65875
United States Tax Court
34 T.C. 968; 1960 U.S. Tax Ct. LEXIS 78;
September 15, 1960, Filed
Decision will be entered under Rule 50.
1. Express terms of trust instrument and applicable State law gave decedent powers amounting to a "reversionary interest" as described in section 811(c)(2), I.R.C. 1939.
2. Since only an ascertainable portion of corpus was subject to such powers, only that portion was includible in…
2Cases cited20 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Helvering v. HallockSupreme Court of the United States · 1940
- Fidelity-Philadelphia Trust Co. v. RothensiesSupreme Court of the United States · 1945
- May v. MaySupreme Court of the United States · 1897
- Industrial Trust Co. v. Commissioner of Internal Rev.Court of Appeals for the First Circuit · 1947
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