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University of Michigan Law School

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Articles 151 - 180 of 180

Full-Text Articles in Taxation-Federal Estate and Gift

Taxation - Federal Estate Tax - Subscriptions To Charitable And Educational Institutions As Deductions From Gross Estate, Charles E. Nadeau Nov 1938

Taxation - Federal Estate Tax - Subscriptions To Charitable And Educational Institutions As Deductions From Gross Estate, Charles E. Nadeau

Michigan Law Review

Decedent had promised to contribute funds to numerous educational, religious, and charitable institutions. Some of these pledges were conditioned on pledges of third parties to perform certain duties or to furnish subscriptions to equal amounts. In several instances the institutions, on fullfillment of the conditions, acted in reliance on these promises in a manner that made them enforceable against the estate under the state law. The executor had paid some of these claims. In affirming the Board of Tax Appeals the court held that pledges, though later satisfied by the executor, cannot be deducted from the gross estate as "transfers" …

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Taxation - Inheritance Tax - Double Taxation Of Contingent Future Interests Where Exercise Of Power Of Appointment Is Taxed To Donee's Estate, Benjamin H. Dewey Nov 1938

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 …

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Death Taxes On Completed Transfers Inter Vivos, Lorentz B. Knouff Jun 1938

Death Taxes On Completed Transfers Inter Vivos, Lorentz B. Knouff

Michigan Law Review

The subjection of transfers inter vivas to the death tax under each of the above categories has been based upon the proposition that, for a transfer inter vivas properly to be subject to the death tax, it must bear some reasonable relationship to transfers at death either by will or under the law relating to intestacy. This rule has been applied both in problems of statutory construction and in problems of constitutionality. The recent decision of the United States Supreme Court in Helvering v. Bullard seems to have abandoned this test for the inclusion of transfers inter vivas within the …

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Taxation - Federal Estate Tax - Claims Arising Out Of An Antenuptial Agreement As Deductions From Gross Estate, Charles E. Nadeau Jun 1938

Taxation - Federal Estate Tax - Claims Arising Out Of An Antenuptial Agreement As Deductions From Gross Estate, Charles E. Nadeau

Michigan Law Review

An antenuptial agreement provided that in the event the wife survived her husband she would receive $50,000 in lieu of her dower rights. After his death the executors paid this sum, and then sought to deduct it from the gross estate as a claim against the estate. In affirming the Board of Tax Appeals the court held that marriage and relinquishment of dower were not "an adequate and full consideration in money or money's worth" and hence the claims were not deductible under the Revenue Act of 1926. Empire Trust Co. v. Commissioner of Internal Revenue, (C. C. A. …

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Taxation - Estate Tax - Trust With Reservation Of Life Estate, Wallace Mendelson Apr 1938

Taxation - Estate Tax - Trust With Reservation Of Life Estate, Wallace Mendelson

Michigan Law Review

In 1923 decedent created an irrevocable trust, reserving to herself the income for life with remainders over. Upon decedent's death, it was held that the corpus of the trust was properly a part of decedent's gross estate for Federal Estate Tax purposes. Helvering v. Bullard, (U. S. 1938) 58 S. Ct. 565.

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Taxation - Validity Of Retroactive Inheritance Tax On Contingent Trust Remainders, Francis T. Goheen Nov 1937

Taxation - Validity Of Retroactive Inheritance Tax On Contingent Trust Remainders, Francis T. Goheen

Michigan Law Review

In 1877 the settlor created an irrevocable trust with reservation of the income for life. Under the terms of the trust deed, on the death of the settlor, the income was to be paid for twenty years after the settlor's death "to and among such of" settlor's children as may be living at the time of the payment. The living issue of deceased's children were to take by right of representation. On the death of the settlor in 1931 the state of Massachusetts by statute enacted in 1907 taxed the remainder as property passing by deed "intending to take effect …

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Taxation-Federal Estate Tax-Inclusion Of Proceeds Of Insurance Policies In The Gross Estate Jun 1936

Taxation-Federal Estate Tax-Inclusion Of Proceeds Of Insurance Policies In The Gross Estate

Michigan Law Review

It was only natural that the framers of our revenue acts, always on the lookout for new sources of revenue, should have turned their attention to the proceeds of insurance policies when they were dealing with the subject of death duties. It was natural for two reasons: first, the purchase of an insurance policy is nearly always prompted by some vague contemplation of death, and the receipt of the proceeds from a policy is intimately connected with death, in view of the fact that death normally is the event that brings about the maturity of the policy; and second, if …

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Federal Gross Estate Tax-Constitutionality-Revocable Transfers By Way Of Trust May 1936

Federal Gross Estate Tax-Constitutionality-Revocable Transfers By Way Of Trust

Michigan Law Review

Five recent decisions of the United States Supreme Court, together with a decision of the United States Court of Appeals for the Third Circuit, have considerably changed some of the currently accepted theories regarding the taxability under the Federal Estate Tax of transfers reserving various degrees of control to donors, both with respect to what may be considered to be a sufficient reserved control and what the constitutional limits on the taxing power may be. Some perplexing questions have been settled by these decisions while others quite as vexing seem to have been raised and left for future determination.

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Taxation-Federal Income Tax-Taxation To Settlor Of Income From Trust Established To Discharge A Legal Obligation Jan 1936

Taxation-Federal Income Tax-Taxation To Settlor Of Income From Trust Established To Discharge A Legal Obligation

Michigan Law Review

Shortly before the entering of a decree of absolute divorce in favor of his wife, a husband agreed to transfer securities in trust for the wife's benefit in lieu of alimony and all other claims. The divorce decree incorporated the trust agreement. On certiorari to the Circuit Court of Appeals for the Eighth Circuit, which had sustained a tax against the settlor on the income of the trust estate on the ground that it discharged a legal obligation, the Supreme Court of the United States affirmed the judgment. After disposing of the argument that the trust was entirely voluntary since …

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Taxation - Estate Taxation Of Property Of Citizens Located Abroad Jan 1936

Taxation - Estate Taxation Of Property Of Citizens Located Abroad

Michigan Law Review

An American citizen and resident died while temporarily in England leaving property in the United States, which was disposed of by an American will, and property consisting of tangible and intangible personalty in EngIand, which was disposed of by an English will. The executors of the English will paid the English death duties. The United States claimed that the English property should be included in the whole estate subject to the United States estate tax; this the executors of the American will denied, claiming that the United States had no jurisdiction to tax this property. Held, that the language …

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Federal Taxation Of Settlors Of Trusts, Harry B. Sutter, Anderson A. Owen May 1935

Federal Taxation Of Settlors Of Trusts, Harry B. Sutter, Anderson A. Owen

Michigan Law Review

In the Revenue Act of 1924 there simultaneously appeared three new provisions. By Section 219(g) the income of trusts revocable by the grantor, either alone or in conjunction with any person not a beneficiary, of the trust, was specifically required to be taxed to the grantor as his income. By Section 302(d) there was required to be included in the gross estate of a deceased grantor the value at his death of any property previously given by him in trust, where the enjoyment of such property remained subject to change through the exercise by the grantor, either alone or in …

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Taxation - Power Of Appointment - Effect Of Refusal By Appointee Who Is Given Same Share In Default Of Appointment May 1935

Taxation - Power Of Appointment - Effect Of Refusal By Appointee Who Is Given Same Share In Default Of Appointment

Michigan Law Review

The donee of a power of appointment exercised it by will in favor of the persons who would have taken exactly the same interests in default of appointment, and who declared their election to decline the appointment and take by the provision in default of appointment in the will of the donor. Suit was brought for additional federal estate taxes covering the property to which the power applied, under a statute levying such a tax upon "any property passing under a general power of appointment exercised by the decedent . . . by will . . . . " Held …

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Taxation-Federal Estates Tax-Joint Tenancies And Tenancies By The Entirety Apr 1934

Taxation-Federal Estates Tax-Joint Tenancies And Tenancies By The Entirety

Michigan Law Review

H and W acquired title to realty in Illinois in 1909 as joint tenants. H died in 1923. Held, that one-half of the value of this property should be included in the valuation of H's gross estate for purposes of the federal estates tax, per sec. 402 (d) of the Revenue Act of 1921. Griswold v. Helvering, Comm'r of Int. Rev., (U. S. 1933) 54 Sup. Ct. 5, 78 L. ed. 14.

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Future Interests - Federal Estate Tax - Admissibility Of Evidence Of Barrenness Of Devisee Mar 1934

Future Interests - Federal Estate Tax - Admissibility Of Evidence Of Barrenness Of Devisee

Michigan Law Review

In an inquiry as to the value of an executory bequest to charitable institutions, conditioned on the death of the testator's daughter without issue surviving her, was evidence that at the time of the testator's death she had been rendered incapable of bearing children admissible for the purpose of determining the amount of a deduction from the federal estate tax? Held, that such evidence was admissible. United States v. Provident Trust Co., (U. S. 1934) 54 Sup. Ct. 389.

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Taxation -Taxability Of Inter Vivos Trust With Power Of Revocation Reserved Feb 1934

Taxation -Taxability Of Inter Vivos Trust With Power Of Revocation Reserved

Michigan Law Review

In 1918 decedent established a trust fund in favor of his daughter, reserving the power to alter or modify the deed in favor of anyone except himself but retaining neither the life income nor any interest in the res. Later decedent revoked the deed and re-established the trust in favor of the daughter's two children. On decedent's death the Commissioner of Internal Revenue included the value of the trust res in decedent's gross estate for purposes of taxation as provided by the Revenue Act of 1926 § 302(d). Held, that the tax was not repugnant to the Fifth …

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Taxation - Deduction Of Capital Losses Feb 1934

Taxation - Deduction Of Capital Losses

Michigan Law Review

Executors were directed to sell the testator's residuary estate. Out of one-fifth of the proceeds a trust fund of $500,000 was to be set up, and the balance given to plaintiff absolutely. The testator in his will then stated that a large part of his residuary estate would consist of realty "which should not be sold excepting under favorable conditions," and directed his executors to hold and manage it until it could be advantageously sold. After some years the executors sold a piece of land at a loss. Plaintiff was entitled to one-fifth of the proceeds, and so he deducted …

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Taxation - Property Subject To Inheritance Tax - Effect Of Reservation Of Life Income Nov 1933

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 …

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Certain Problems Confronting Creditors When A Revocable Trust Accomplishes Testamentary Succession, Ray Leslie Alexander Feb 1933

Certain Problems Confronting Creditors When A Revocable Trust Accomplishes Testamentary Succession, Ray Leslie Alexander

Michigan Law Review

Under the overwhelming weight of authority the reservation by the settlor of the income from trust property, or of other benefits, during his lifetime, and of the power to revoke the trust and so recover all or any part of the principal does not invalidate the trust; nor does the trust fail because the trust instrument is not executed in accordance with the Statute of Wills. Upon the death of the settlor the corpus of such a trust is distributable by the trustee in accordance with the terms of the trust instrument and does not pass to the executor or …

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Taxation-Constitutionality Of A Conclusive Presumption That A Transfer Executed Within A Limited Period Before Death Is Made In Contemplation Of Death Nov 1932

Taxation-Constitutionality Of A Conclusive Presumption That A Transfer Executed Within A Limited Period Before Death Is Made In Contemplation Of Death

Michigan Law Review

Motion for a refund was made by the plaintiff on the ground that certain transfers made within two years preceding the death of the decedent should not have been taxed under the federal estate tax since they were not in fact made in contemplation of death. The defendant filed a demurrer on the ground that under the provisions of sec. 302 (c) of the Revenue Act of 1926, such transfers were taxable regardless of the motive impelling them. The section reads: "Where within two years prior to his death . . . and without such a consideration the decedent has …

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Taxation - Tenancies By The Entirety - Retroactive Application Of The Federal Estate Tax Laws Mar 1932

Taxation - Tenancies By The Entirety - Retroactive Application Of The Federal Estate Tax Laws

Michigan Law Review

H and W became tenants by the entirety in certain lands in 1917. H died in 1925. A federal estate tax was collected under section 302 of the Revenue Act of 1924, 43 Stat. 253, 304, which provides that the gross value of the decedent's estate subject to tax shall include all property "to the extent of the interest therein held . . . as tenants by the entirety by the decedent and spouse," with certain exceptions. The same provision appeared in the 1916 and successive revenue acts without material change. W protested the levy on the ground that Congress …

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Taxation - Constitutionality Of A Conclusive Presumption That A Transfer Executed Within A Limited Period Before Death Is Made In Contemplation Of Death Jan 1932

Taxation - Constitutionality Of A Conclusive Presumption That A Transfer Executed Within A Limited Period Before Death Is Made In Contemplation Of Death

Michigan Law Review

Motion for a refund by the plaintiff on the ground that certain transfers made within two years of the death of the decedent should not have been subjected to the federal estate tax as they were not in fact made in contemplation of death. The defendant filed a statutory demurrer on the ground that section 302 of the Revenue Act as amended in 1926 (26 U. S. C. A. sec. 1049C) renders such property taxable irrespective of what impelled the transfer. The section reads, "Where within two years prior to his death and without consideration the decedent has made a …

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Taxation-Retroactive Application Of Federal Estate Tax Laws Nov 1931

Taxation-Retroactive Application Of Federal Estate Tax Laws

Michigan Law Review

Since the passage of the first federal estate tax laws in 1916, many difficult problems have presented themselves to the United States Supreme Court and the inferior federal courts with respect to their application. Possibly nothing in this field has caused more trouble than the decision as to whether and to what extent Congress has the power to tax retroactively gifts made in contemplation of death and transfers intended to take effect in possession or enjoyment at or after the death of the donor; and further, assuming it has such power, exactly what constitutes a gift or transfer within the …

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Taxation-Retrospective Succession Tax On Trust Remainder Jun 1931

Taxation-Retrospective Succession Tax On Trust Remainder

Michigan Law Review

The settlors voluntarily placed property in trust, the income from which was to be paid to them during their lives, the corpus to be divided upon the surviving settlors' death, among their sons, or if any son predeceased the survivor, among those persons entitled to take his intestate property. Subsequently the settlors assigned their life interest to the sons; this conveyance, however, in the case of Coolidge v. Loring, 235 Mass. 220, 126 N.E. 276, was held ineffectual to eliminate the possible effect of the contingency of any son predeceasing the surviving settlor. Between the execution of the deed …

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Bases Of Jurisdiction In State Taxation Of Inheritances And Property, Charles L.B. Lowndes May 1931

Bases Of Jurisdiction In State Taxation Of Inheritances And Property, Charles L.B. Lowndes

Michigan Law Review

Theoretically there is an accepted distinction between jurisdiction to exact an inheritance tax and a property tax. Is this distinction of practical significance? Does it influence a court in the concrete decision of a case?

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Trusts--Exercise Of A Power With Consent Of Trustee-Retroactive Federal Inheritance Tax Apr 1931

Trusts--Exercise Of A Power With Consent Of Trustee-Retroactive Federal Inheritance Tax

Michigan Law Review

A trust, established in 1908, reserved a power to the settlor to alter or amend the provisions of the trust, conditioned on the assent of the trustee. 26 U. S. C. A. sec. 1094 (d), Rev. Act (1926) sec. 302 (d), which applied to trusts subject at the date of death to any change through the exercise of a power either by the decedent alone or in conjunction with any person, to alter, amend or revoke, was made retroactive by clause (h) of the same section. Held, since the transfer was complete before the death of the settler, section …

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Jurisdiction For The Purpose Of Imposing Inheritance Taxes, David R. Mason Jan 1931

Jurisdiction For The Purpose Of Imposing Inheritance Taxes, David R. Mason

Michigan Law Review

For nearly half a century so-called inheritance tax laws of the states of the United States have been predicated upon two distinct theories of jurisdiction, many states embodying both theories into their statutes. Recent decisions rendered by the Supreme Court of the United States, however, challenge the constitutionality of such a scheme and indicate the expediency of a review of the extent of state jurisdiction for the purpose of imposing such taxes.

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Probate Law Directory Dec 1930

Probate Law Directory

Michigan Law Review

A Review of PROBATE LAW DIRECTORY By J. C. Fisher.

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Taxation Inheritance-Computation Of Gain On Property Acquired From Estate-Date Of Acquisition Nov 1930

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 …

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Taxation-Transfer Tax On Death Of Settlor Of Trust Wherin Income Was Reserved Nov 1930

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 …

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Taxation-Situs Of Intangibles For Succession Tax Feb 1929

Taxation-Situs Of Intangibles For Succession Tax

Michigan Law Review

Decedent died domiciled in Connecticut, leaving as part of his estate, bonds and treasury certificates of the United States, which at the time of his death, and for a long time prior thereto had been physically placed and kept in safety deposit vaults in New York city, and had never been in Connecticut. The superior court of Fairfield county, on the advice of the supreme court of errors of Connecticut held that the bonds and certificates were not subject to a succession tax in Connecticut at the domicil of the decedent. The supreme court reached its decision by applying its …

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