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Wills--Sequestration--Acceleration Of Life Interest Upon Renunciation Of Prior Interest, Daniel R. Elliott Jr.
Wills--Sequestration--Acceleration Of Life Interest Upon Renunciation Of Prior Interest, Daniel R. Elliott Jr.
Michigan Law Review
Testator made an inter vivos agreement in which he promised to bequeath to his son a certain portion of his estate. Upon testator's failure to comply with this agreement, the bequest actually given, a life interest in sixty percent of the estate, was renounced by the son, who instead elected to receive one million dollars from the estate in settlement of his claim. The will gave a remainder interest for life to the son of the renouncing legatee, testator's grandson. The ultimate remaindermen of the corpus of this part of the estate were two hospitals. In regard to the remaining …
Taxation-Federal Income Tax-Divocrce Property Settlement As A Taxable Event, Martin B. Dickinson Jr., S.Ed.
Taxation-Federal Income Tax-Divocrce Property Settlement As A Taxable Event, Martin B. Dickinson Jr., S.Ed.
Michigan Law Review
Respondent taxpayer transferred stock to his former wife pursuant to a voluntary property settlement agreement incorporated in their divorce decree. As consideration for the securities conveyed, his wife released her rights to alimony, dower, and intestate succession under Delaware law. The Commissioner of Internal Revenue assessed as taxable gain the difference between the taxpayer's basis for the stock and its market value at the time of the transfer, but the Court of Claims ruled that the taxpayer realized no taxable gain from the transfer. On certiorari, held, reversed. The exchange was a taxable event in which the taxpayer received …