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Articles 1 - 9 of 9
Full-Text Articles in Law
Taxation - Inheritance And Estate Taxes - Powers Of Appointment, William L. Howland
Taxation - Inheritance And Estate Taxes - Powers Of Appointment, William L. Howland
Michigan Law Review
From time immemorial, problems arising from the creation and exercise of powers of appointment have proven enigmatic to the judiciary. These problems are not decadent but still possess an abundance of vitality. The increased complexity of statutes imposing death taxes has tended to foment litigation. These two fertile sources of intricate problems, in combination, have borne the apprehended fruits. The taxation of powers of appointment has created problems of infinite variety, harassing alike the attorney, the judge and the legislator. The questions involved are not simply of academic or theoretical importance. Under our modern death tax statutes the questions are …
Taxation - Income Tax - Taxability Of Income Of Alimony Trust To Husband-Settlor-Rule Of Douglas V. Willcuts, Benjamin W. Franklin
Taxation - Income Tax - Taxability Of Income Of Alimony Trust To Husband-Settlor-Rule Of Douglas V. Willcuts, Benjamin W. Franklin
Michigan Law Review
Three recent decisions of the Supreme Court of the United States, Helvering v. Fitch, Helvering v. Leonard, and Helvering v. Fuller, all involving an application of the rule of Douglas v. Willcuts, raise the question of what that rule means in its practical application. Stated briefly, that rule is that the income from a so-called alimony trust is taxable to the husband-settlor whenever it discharges a continuing obligation for him.
Taxation - Federal Estate Tax - Transfers In Which Decedent Had Reserved A Contingent Reversionary Interest - St. Louis Union Trust Cases Overruled, Robert M. Warren
Taxation - Federal Estate Tax - Transfers In Which Decedent Had Reserved A Contingent Reversionary Interest - St. Louis Union Trust Cases Overruled, Robert M. Warren
Michigan Law Review
In 1919 decedent transferred property in irrevocable trust, income to be paid to X for life and on X's death, the corpus and accumulated income to be returned to the settlor, if he should then be living; but if he should then be dead, remainder to Y. The settlor predeceased the life beneficiary and the commissioner included the trust property in decedent's gross estate under section 302 (c) of the federal estate tax. The board of tax appeals reversed this determination, and the board was upheld by the United States Circuit Court of Appeals for the Sixth Circuit, …
Taxation - Federal Estate Tax - What Is A General Power Of Appointment Within The Meaning Of The Federal Statute?, John H. Pickering
Taxation - Federal Estate Tax - What Is A General Power Of Appointment Within The Meaning Of The Federal Statute?, John H. Pickering
Michigan Law Review
Decedent exercised her testamentary power to appoint the income of a discretionary trust. The commissioner declared a tax deficiency for failure to include the property subject to the power in the gross estate. The executor appealed on the ground that the power was a special power under Wisconsin law since the trustee could withhold the income from any beneficiary. Held, the power was general since it was exercisable in favor of the donee's estate or her creditors and therefore the exercise of the power was taxable under section 302(f) of the Revenue Act of 1926. Morgan v. Commissioner, …
Taxation - Jurisdiction - Classification Of Property As Tangible Or Intangible, John L. Rubsam
Taxation - Jurisdiction - Classification Of Property As Tangible Or Intangible, John L. Rubsam
Michigan Law Review
Respondent's decedent died testate in 1936 and was at the time of his death a resident of and domiciled in Oregon. In earlier years when he resided in Wisconsin he placed various stocks, bonds and other intangibles in the possession of an Illinois trust company, which acted as his agent in collecting and investing the principal and income on these securities. These securities were always physically present in Illinois, never in Oregon. About six months before his death respondent's decedent directed the trust company to sell some of his bonds and purchase $450,000 worth of federal irrevocable trust for the …
Federal Estate And Gift Tax: Concept Of A Transfer, Henry J. Merry
Federal Estate And Gift Tax: Concept Of A Transfer, Henry J. Merry
Michigan Law Review
The first of the "modern" federal death tax laws, enacted in 1916 "imposed upon the transfer of the net estate of every decedent" a tax measured essentially by the net value of certain property interests at the time of his death. The tax was upheld as an indirect tax or excise upon the privilege of transmitting property at death and its fundamental nature has never been changed. There has been, however, an almost continuous controversy as to the property interests which may and should be included in the basic measure of the tax-the gross estate--and the present law embodies numerous …
Taxation - Income Tax - Liability Of Settlors Of Irrevocable Short Term Trusts, Robert M. Warren
Taxation - Income Tax - Liability Of Settlors Of Irrevocable Short Term Trusts, Robert M. Warren
Michigan Law Review
In a recent significant decision the Supreme Court of the United States has declared that, under certain circumstances, income from irrevocable short-term trusts may be taxed to the settlor. This conclusion is contrary to the previously accepted notion that there was no authority for such a tax under existing provisions of the Revenue Act. In the light of this and other recent decisions the matter of taxation of income from short-term trusts assumes renewed significance.
Taxation - Federal Gift Tax - Cancellation Of A Power Todesignate New Beneficiaries Other Than The Settlor - Interrelationship Of Gift And Estate Tax, Robert M. Warren
Taxation - Federal Gift Tax - Cancellation Of A Power Todesignate New Beneficiaries Other Than The Settlor - Interrelationship Of Gift And Estate Tax, Robert M. Warren
Michigan Law Review
Before the enactment of the 1924 gift tax statute, decedent created a trust for the benefit of named beneficiaries, reserving to himself power both to revoke and to modify the trust. In 1919 the decedent made a surrender of the power to revoke the trust by a writing which reserved the power to designate new beneficiaries other than himself. This latter power was renounced in 1924 after the effective date of the gift tax statute. The Board of Tax Appeals and the Circuit Court of Appeals for the Third Circuit affirmed the commissioner's ruling that the gift became complete and …
Taxation -- Insurance And Annuity Contracts Under The Federal Estate Tax -- Differentiation And Theories Of Taxation, Charles F. Dugan
Taxation -- Insurance And Annuity Contracts Under The Federal Estate Tax -- Differentiation And Theories Of Taxation, Charles F. Dugan
Michigan Law Review
In the taxpayer's quest for methods of avoidance of the federal estate tax, one field seems to have been generally overlooked; viz., annuity contracts that are so similar to insurance policies as to be treated like the latter for tax purposes, thus securing the benefit of the $40,000 exemption in section 302 (g). Various reasons might be suggested why this should be so, but the fact remains that there has been practically no discussion of the subject in legal publications and, until the recent case of Old Colony Trust Co. v. Commissioner of Internal Revenue, no litigation involving the …