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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 - Inheritance Tax - Double Taxation Of Contingent Future Interests Where Exercise Of Power Of Appointment Is Taxed To Donee's Estate, Benjamin H. Dewey
Taxation - Inheritance Tax - Double Taxation Of Contingent Future Interests Where Exercise Of Power Of Appointment Is Taxed To Donee's Estate, Benjamin H. Dewey
Michigan Law Review
Testator had been bequeathed a life interest in the income of certain trusts, and in addition the corpus thereof in case she were living at the termination of those trusts, or, in the event of her death prior to the termination of the trusts, a power to appoint the persons who should receive the income for the remainder of the trust period and the corpus on distribution thereof. Under the then current Wisconsin statutes this transfer to testator was truced as if she had received a fee. On appeal, it was held that this was correct but that if the …
Taxation - Property Subject To Inheritance Tax - Effect Of Reservation Of Life Income
Taxation - Property Subject To Inheritance Tax - Effect Of Reservation Of Life Income
Michigan Law Review
A father conveyed real estate to his daughter three years before his death by warranty deeds, absolute on their face but with the oral understanding that the father was to have all the income from the property during his lifetime. In a letter which the daughter wrote to her father several years later the terms of this oral agreement are given, but this letter, set forth in the statement of facts, is apparently not relied on by the court since no mention of it is made in the opinion. Held, that the gift was taxable under the inheritance tax …