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Articles 1 - 6 of 6
Full-Text Articles in Law
Taxation-Federal Estate Tax-Joint Tenancy-Retroactivity, Richard S. Brawerman
Taxation-Federal Estate Tax-Joint Tenancy-Retroactivity, Richard S. Brawerman
Michigan Law Review
The recent decision by the Supreme Court in United States v. Jacobs deals with the troublesome issue of retroactivity under the federal estate tax law. The decedent whose estate was involved in this case had paid the entire consideration for certain real estate which was conveyed to himself and his wife as joint tenants. This transaction took place in 1909. The decedent died in 1924, shortly after the effective date of the Revenue Act of that year. The Commissioner of Internal Revenue included the entire value of the real estate in the decedent's gross estate. The executors paid the tax …
Taxation - Federal Estate Tax - Life Insurance Payable To Specific Beneficiary, Roy L. Steinheimer
Taxation - Federal Estate Tax - Life Insurance Payable To Specific Beneficiary, Roy L. Steinheimer
Michigan Law Review
Six life insurance policies were taken out by decedent upon his own life between March 19, 1925 and January 2, 1929. On July 20, 1932 the decedent, by an instrument in writing, made an assignment of the policies to his wife and named her the beneficiary under the policies. From the date of the assignment until the date of his death, the decedent did not possess any incidents of ownership of the policies though he continued to pay the premiums. The wife of the decedent sued to recover the amount of the tax, assessed and paid on the net proceeds …
Taxation-Procedural Devices For Preventing Multiple Taxation Of Intangibles Based On Domicile - Original Suit By Way Of Interpleader Before Supreme Court, Edmund O'Hare
Michigan Law Review
The famous Dorrance litigation raised very sharply the problem of avoiding multiple inheritance taxes based upon conflicting claims of domicile. Up to that time it was thought that the right of a state to levy an inheritance tax upon intangible personal property owned by a nonresident decedent had been effectively denied by Farmers Loan & Trust Co. v. Minnesota, Baldwin v. Missouri, and First National Bank of Boston v. Maine. But the Dorrance cases resulted in the collection of huge inheritance taxes by Pennsylvania and New Jersey, both states grounding their assessments upon the assertion that Dr. Dorrance …
Taxation - Federal Estate Tax - Inter Vivos Trust As Gift To Take Effect In Possession Or Enjoyment At Death, Edmund O'Hare
Taxation - Federal Estate Tax - Inter Vivos Trust As Gift To Take Effect In Possession Or Enjoyment At Death, Edmund O'Hare
Michigan Law Review
On May 14, 1919, decedent set up six trusts, appointing life estates with remainders over. Each trust deed provided: "This Trust may, during the lifetime of the Grantor, be amended or revoked on the joint consent of the Grantor and the Trustees." The remainderman, who was the same person in each trust, was also one of the three trustees. Decedent died on September 4, 1928. The Board of Tax Appeals sustained the contention of the Commissioner of Internal Revenue that the value of the life estates should be included in the decedent's gross estate by virtue of section 302 (c) …
Taxation-Income Tax-Discretionary Application Of Income Of Irrevocable Trust To Maintenance Of Settlor's Children-Taxability To Settlor, Benjamin H. Dewey
Taxation-Income Tax-Discretionary Application Of Income Of Irrevocable Trust To Maintenance Of Settlor's Children-Taxability To Settlor, Benjamin H. Dewey
Michigan Law Review
Settlors, husband and wife, established certain irrevocable trusts with themselves and another as trustees, and the children of the settlors as beneficiaries. The income from the trust property was to be accumulated, and a certain percentage of the corpus and accumulated income was to be distributed to the beneficiaries as they respectively reached certain specified ages. The trust agreement further provided that the trustees should have the power to expend from the corpus or income such sums as they should deem necessary and advisable for the maintenance, education and support of the beneficiaries, or to defray expenses arising from sickness, …
Taxation - Income Tax - Settlement Of Will Contest As Taxable, Anthony L. Dividio
Taxation - Income Tax - Settlement Of Will Contest As Taxable, Anthony L. Dividio
Michigan Law Review
Taxpayer commenced suit to contest the probate of his grandmother's will, by which she had made nominal bequests to her grandchildren, and had created a charitable trust with the large residue. The parties agreed upon a settlement, as a result of which taxpayer received $141,404.03, all of which the tax commissioner claimed was taxable income. Held, the amount received by taxpayer came to him because he was an heir and did not constitute taxable income. Lyeth v. Hoey, (U. S. 1938) 6 U. S. Law Week 421 (Dec. 6, 1938).