Estate of Metcalf v. Commissioner
United States Tax Court
1. Held, that prior to his death the decedent did not dispose of ownership of certain bonds by valid parol trust, or otherwise, and the value thereof was properly included in his gross estate. 2. Real estate taxes, penalties, etc., had accrued and constituted a lien on certain of decedent's property prior to his death. A suit was instituted by the taxing authorities to enforce the lien and collect the amount of the taxes, penalties, etc.
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1. Held, that prior to his death the decedent did not dispose of ownership of certain bonds by valid parol trust, or otherwise, and the value thereof was properly included in his gross estate. 2. Real estate taxes, penalties, etc., had accrued and constituted a lien on certain of decedent's property prior to his death. A suit was instituted by the taxing authorities to enforce the lien and collect the amount of the taxes, penalties, etc. The suit was compromised by the estate for a lesser amount than the amount of the taxes claimed. Held, that only the lesser amount is deductible from the…
1Opinion of the Court
OPINION.
Tvson, Judge:
The first issue involves the question of whether the respondent erred in including in the decedent’s gross estate, under section 811 (a) of the Internal Revenue Code,1 the value, totaling $24,925 at date of death, of the principal of the bonds in question.
The essential facts and circumstances as set forth in paragraphs numbered (2) to (5), inclusive, of our findings of fact are not in dispute. The petitioners contend (1) that one-half of the principal of the bopds involved was given to each of the two sisters in trust for the other, and, if not so, (2) that an absolute…
2Cases cited6 opinions
- Colton v. ColtonSupreme Court of the United States · 1888
- Allen v. WithrowSupreme Court of the United States · 1884
- Chicago, Milwaukee & St. Paul Railway Co. v. Des Moines Union Railway Co.Supreme Court of the United States · 1920
- Collins v. McCanlessTennessee Supreme Court · 1943
- Du Val v. CommissionerUnited States Tax Court · 1945
1 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Propstra v. United StatesCourt of Appeals for the Ninth Circuit · 1982
- Estate of Hagmann v. CommissionerUnited States Tax Court · 1973
- Shedd v. CommissionerUnited States Tax Court · 1961
- Commissioner of Internal Revenue v. Estate of Carlton A. Shively, Deceased, John E. D. Grunow, AdministratorCourt of Appeals for the Second Circuit · 1960
- Irene Gowetz, Executors v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1963
15 more not listed; retrieve them via the Exa API.