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Full-Text Articles in Law
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 …
Partnership - Consideration For Contract - Illusory Promise
Partnership - Consideration For Contract - Illusory Promise
Michigan Law Review
D and his three daughters executed an agreement whereby each was to get an undivided fourth interest in all of D's property. The business under this agreement was to be conducted on a partnership basis. It was agreed that D should have complete control of the business and the right to issue only such profit as he saw fit beyond the actual need of the daughters. A demand note was given in 1918 by each of D's daughters without interest. The notes were renewed and the majority of the court agreed that it was the intent of the …
Wills - Predecease Of Residuary Legatee
Wills - Predecease Of Residuary Legatee
Michigan Law Review
A will specified nominal bequests to testator's daughters who were in custody of his divorced spouse, and the residue to the two sons, by name, in custody of the testator. One of the sons predeceased the testator. Held, the share of the predeceased legatee was to go to the surviving residuary legatee. In re Zimmerman's Estate, 122 Neb. 812, 241 N. W. 553 (1932).