Lombard v. Commissioner
United States Tax Court
Held, that where decedent was given a general power of appointment over a trust prior to 1942 by settlor of a trust, trust amendments solely in favor of issue and spouses of issue executed by decedent prior to November 1, 1951, were not an exercise of decedent's power of appointment rendering the appointive property taxable as part of her estate under section 2041(a), I.R.C. 1954.
1Opinion of the Court
Fat, Judge:
Respondent determined a deficiency in estate tax in the amount of $180,539.35. The parties settled certain issues raised in the pleadings prior to the time of trial herein.
The sole issue for decision is whether the net asset value, as of the date of decedent’s death, of the corpus of a trust created by decedent’s deceased husband is includable in decedent’s gross estate under the provisions of section 2041(a) (1) (B) of the Internal Revenue Code of 1954.1
FINDINGS OF FACT
Some of tlie facts were stipulated and as stipulated are so found.
Laurence M. Lombard is the executor under the…
2Cases cited4 opinions
- Estate of Leo M. Gartland, Deceased, Matthew Gartland, Administrator v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1961
- Gartland v. CommissionerUnited States Tax Court · 1960
- Emery v. United StatesDistrict Court, D. Massachusetts · 1957
- Kynett v. United StatesDistrict Court, E.D. Pennsylvania · 1962
3Cited by3 opinions
- Commissioner of Revenue Services v. PeskaSupreme Court of Connecticut · 1991
- Estate of Drake v. CommissionerUnited States Tax Court · 1977
- Lombard v. CommissionerUnited States Tax Court · 1966