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Taxation-Transfer Tax On Death Of Settlor Of Trust Wherin Income Was Reserved
Taxation-Transfer Tax On Death Of Settlor Of Trust Wherin Income Was Reserved
Michigan Law Review
Section 401, Revenue Act of 1918 provided that in order to determine the transfer tax, there should be included in the gross estate "any interest therein of which the decedent has at any time made a transfer, or with respect to which he has at any time created a trust, in contemplation of or intended to take effect in possession or enjoyment at or after his death * * *." The decedent transferred to her husband and others, as trustees, securities in trust to collect the income and pay the balance after discharging expenses to the husband for life, after …
Taxation Inheritance-Computation Of Gain On Property Acquired From Estate-Date Of Acquisition
Taxation Inheritance-Computation Of Gain On Property Acquired From Estate-Date Of Acquisition
Michigan Law Review
Plaintiff was residuary legatee under the will of his father who died in 1918. The estate was administered and closed in 1920 and certain stocks and bonds were then delivered to plaintiff. Subsequently he sold the securities and in making his federal income tax return he computed his gain on the basis of 1920 values which were higher than the 1918 values. The Revenue Act of 1921 sec. 202 (a) (3), 213 provides that for the purpose of determining profit or loss from sale of property acquired by bequest, devise or descent since Feb. 28, 1913, the basis "shall he …