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Articles 1351 - 1380 of 1409

Full-Text Articles in Taxation-Federal Estate and Gift

Taxation - Jurisdiction - Classification Of Property As Tangible Or Intangible, John L. Rubsam May 1940

Taxation - Jurisdiction - Classification Of Property As Tangible Or Intangible, John L. Rubsam

Michigan Law Review

Respondent's decedent died testate in 1936 and was at the time of his death a resident of and domiciled in Oregon. In earlier years when he resided in Wisconsin he placed various stocks, bonds and other intangibles in the possession of an Illinois trust company, which acted as his agent in collecting and investing the principal and income on these securities. These securities were always physically present in Illinois, never in Oregon. About six months before his death respondent's decedent directed the trust company to sell some of his bonds and purchase $450,000 worth of federal irrevocable trust for the …

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Taxation - Income Tax - Liability Of Settlors Of Irrevocable Short Term Trusts, Robert M. Warren Apr 1940

Taxation - Income Tax - Liability Of Settlors Of Irrevocable Short Term Trusts, Robert M. Warren

Michigan Law Review

In a recent significant decision the Supreme Court of the United States has declared that, under certain circumstances, income from irrevocable short-term trusts may be taxed to the settlor. This conclusion is contrary to the previously accepted notion that there was no authority for such a tax under existing provisions of the Revenue Act. In the light of this and other recent decisions the matter of taxation of income from short-term trusts assumes renewed significance.

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Taxation - Federal Gift Tax - Cancellation Of A Power Todesignate New Beneficiaries Other Than The Settlor - Interrelationship Of Gift And Estate Tax, Robert M. Warren Feb 1940

Taxation - Federal Gift Tax - Cancellation Of A Power Todesignate New Beneficiaries Other Than The Settlor - Interrelationship Of Gift And Estate Tax, Robert M. Warren

Michigan Law Review

Before the enactment of the 1924 gift tax statute, decedent created a trust for the benefit of named beneficiaries, reserving to himself power both to revoke and to modify the trust. In 1919 the decedent made a surrender of the power to revoke the trust by a writing which reserved the power to designate new beneficiaries other than himself. This latter power was renounced in 1924 after the effective date of the gift tax statute. The Board of Tax Appeals and the Circuit Court of Appeals for the Third Circuit affirmed the commissioner's ruling that the gift became complete and …

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Taxation -- Insurance And Annuity Contracts Under The Federal Estate Tax -- Differentiation And Theories Of Taxation, Charles F. Dugan Feb 1940

Taxation -- Insurance And Annuity Contracts Under The Federal Estate Tax -- Differentiation And Theories Of Taxation, Charles F. Dugan

Michigan Law Review

In the taxpayer's quest for methods of avoidance of the federal estate tax, one field seems to have been generally overlooked; viz., annuity contracts that are so similar to insurance policies as to be treated like the latter for tax purposes, thus securing the benefit of the $40,000 exemption in section 302 (g). Various reasons might be suggested why this should be so, but the fact remains that there has been practically no discussion of the subject in legal publications and, until the recent case of Old Colony Trust Co. v. Commissioner of Internal Revenue, no litigation involving the …

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Transfers Intended To Take Effect In Possession Or Enjoyment At Or After Transferor's Death Under The Federal Estate Tax, Alfred Harsch, Max Kaminoff Jan 1940

Transfers Intended To Take Effect In Possession Or Enjoyment At Or After Transferor's Death Under The Federal Estate Tax, Alfred Harsch, Max Kaminoff

Washington Law Review

The federal estate tax has, at all times since its adoption in 1916, provided for the inclusion in the gross estate of the decedent of all transfers "intended to take effect in possession or enjoyment at or after death". The purpose of this provision, obviously, is to prevent avoidance of the estate tax through the medium of transfers legally inter vivos which operate in such a manner as to make them fairly satisfactory substitutes for the testamentary dispositions to which the estate tax primarily applies. In describing the types of transfers to be included within the ambit of the provision …

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Taxation-Federal Estate Tax-Joint Tenancy-Retroactivity, Richard S. Brawerman Dec 1939

Taxation-Federal Estate Tax-Joint Tenancy-Retroactivity, Richard S. Brawerman

Michigan Law Review

The recent decision by the Supreme Court in United States v. Jacobs deals with the troublesome issue of retroactivity under the federal estate tax law. The decedent whose estate was involved in this case had paid the entire consideration for certain real estate which was conveyed to himself and his wife as joint tenants. This transaction took place in 1909. The decedent died in 1924, shortly after the effective date of the Revenue Act of that year. The Commissioner of Internal Revenue included the entire value of the real estate in the decedent's gross estate. The executors paid the tax …

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Taxation - Federal Estate Tax - Life Insurance Payable To Specific Beneficiary, Roy L. Steinheimer Dec 1939

Taxation - Federal Estate Tax - Life Insurance Payable To Specific Beneficiary, Roy L. Steinheimer

Michigan Law Review

Six life insurance policies were taken out by decedent upon his own life between March 19, 1925 and January 2, 1929. On July 20, 1932 the decedent, by an instrument in writing, made an assignment of the policies to his wife and named her the beneficiary under the policies. From the date of the assignment until the date of his death, the decedent did not possess any incidents of ownership of the policies though he continued to pay the premiums. The wife of the decedent sued to recover the amount of the tax, assessed and paid on the net proceeds …

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Constitutional Law--Double Inheritance Taxation--Interpleader By Interested State, J. P. R. Jun 1939

Constitutional Law--Double Inheritance Taxation--Interpleader By Interested State, J. P. R.

West Virginia Law Review

No abstract provided.

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Taxation-Procedural Devices For Preventing Multiple Taxation Of Intangibles Based On Domicile - Original Suit By Way Of Interpleader Before Supreme Court, Edmund O'Hare Jun 1939

Taxation-Procedural Devices For Preventing Multiple Taxation Of Intangibles Based On Domicile - Original Suit By Way Of Interpleader Before Supreme Court, Edmund O'Hare

Michigan Law Review

The famous Dorrance litigation raised very sharply the problem of avoiding multiple inheritance taxes based upon conflicting claims of domicile. Up to that time it was thought that the right of a state to levy an inheritance tax upon intangible personal property owned by a nonresident decedent had been effectively denied by Farmers Loan & Trust Co. v. Minnesota, Baldwin v. Missouri, and First National Bank of Boston v. Maine. But the Dorrance cases resulted in the collection of huge inheritance taxes by Pennsylvania and New Jersey, both states grounding their assessments upon the assertion that Dr. Dorrance …

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Taxation-Estate Tax-Gift In Contemplation Of Death Feb 1939

Taxation-Estate Tax-Gift In Contemplation Of Death

Indiana Law Journal

No abstract provided.

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Taxation-Tax Status Of Will Contestants-Influence Of State Law On The Interpretation Of Federal Tax Statutes Feb 1939

Taxation-Tax Status Of Will Contestants-Influence Of State Law On The Interpretation Of Federal Tax Statutes

Indiana Law Journal

No abstract provided.

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Taxation - Federal Estate Tax - Inter Vivos Trust As Gift To Take Effect In Possession Or Enjoyment At Death, Edmund O'Hare Feb 1939

Taxation - Federal Estate Tax - Inter Vivos Trust As Gift To Take Effect In Possession Or Enjoyment At Death, Edmund O'Hare

Michigan Law Review

On May 14, 1919, decedent set up six trusts, appointing life estates with remainders over. Each trust deed provided: "This Trust may, during the lifetime of the Grantor, be amended or revoked on the joint consent of the Grantor and the Trustees." The remainderman, who was the same person in each trust, was also one of the three trustees. Decedent died on September 4, 1928. The Board of Tax Appeals sustained the contention of the Commissioner of Internal Revenue that the value of the life estates should be included in the decedent's gross estate by virtue of section 302 (c) …

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Taxation-Income Tax-Discretionary Application Of Income Of Irrevocable Trust To Maintenance Of Settlor's Children-Taxability To Settlor, Benjamin H. Dewey Feb 1939

Taxation-Income Tax-Discretionary Application Of Income Of Irrevocable Trust To Maintenance Of Settlor's Children-Taxability To Settlor, Benjamin H. Dewey

Michigan Law Review

Settlors, husband and wife, established certain irrevocable trusts with themselves and another as trustees, and the children of the settlors as beneficiaries. The income from the trust property was to be accumulated, and a certain percentage of the corpus and accumulated income was to be distributed to the beneficiaries as they respectively reached certain specified ages. The trust agreement further provided that the trustees should have the power to expend from the corpus or income such sums as they should deem necessary and advisable for the maintenance, education and support of the beneficiaries, or to defray expenses arising from sickness, …

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Taxation--Inheritance Tax--Interest In Joint Tenancy Passing By Survivorship, Bettie Gilbert Jan 1939

Taxation--Inheritance Tax--Interest In Joint Tenancy Passing By Survivorship, Bettie Gilbert

Kentucky Law Journal

No abstract provided.

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Taxation - Income Tax - Settlement Of Will Contest As Taxable, Anthony L. Dividio Jan 1939

Taxation - Income Tax - Settlement Of Will Contest As Taxable, Anthony L. Dividio

Michigan Law Review

Taxpayer commenced suit to contest the probate of his grandmother's will, by which she had made nominal bequests to her grandchildren, and had created a charitable trust with the large residue. The parties agreed upon a settlement, as a result of which taxpayer received $141,404.03, all of which the tax commissioner claimed was taxable income. Held, the amount received by taxpayer came to him because he was an heir and did not constitute taxable income. Lyeth v. Hoey, (U. S. 1938) 6 U. S. Law Week 421 (Dec. 6, 1938).

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Book Review. Selected Studies In Federal Taxation, 2nd Ed. By Randolph E. Paul, Robert C. Brown Jan 1939

Book Review. Selected Studies In Federal Taxation, 2nd Ed. By Randolph E. Paul, Robert C. Brown

Articles by Maurer Faculty

No abstract provided.

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Inheritance Tax Upon Failure To Exercise Special Power Of Appointment, Richard Bush Jr. Jan 1939

Inheritance Tax Upon Failure To Exercise Special Power Of Appointment, Richard Bush Jr.

Kentucky Law Journal

No abstract provided.

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Taxation - Federal Estate Tax - Gift In Contemplation Of Death, Edmund O'Hare Dec 1938

Taxation - Federal Estate Tax - Gift In Contemplation Of Death, Edmund O'Hare

Michigan Law Review

Decedent, when eighty years old and while still in good health, set up an irrevocable trust of one-third of his property, with a life estate to his daughter and remainder over on the daughter's death to her children and descendants. Under the trust deed the income was to be accumulated and added to the principal until the donor's death. The Supreme Court found that decedent, who was thinking about speculating on the stock exchange, was anxious to insure adequate provision for his daughter and her descendants upon his death, and that he therefore determined to make an irrevocable disposition of …

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Taxation - Federal Gift Tax - Taxability Of Interest Passing At Creation Of Tenancy By Entirety, Ben H. Dewey Dec 1938

Taxation - Federal Gift Tax - Taxability Of Interest Passing At Creation Of Tenancy By Entirety, Ben H. Dewey

Michigan Law Review

On September 20, 1933, petitioner transferred by deed realty owned by him in fee to himself and his wife as tenants by the entirety. The commissioner of internal revenue determined that the transfer constituted a taxable gift under the Gift Tax Act of 1932. Petitioner took an appeal to the Board of Tax Appeals. Held, with one dissent, that such creation of a tenancy by the entireties did not constitute a taxable transfer under the Gift Tax Act. Hart v. Commissioner, 36 B. T. A. No. 176 (Dec. 28, 1937).

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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-Jurisdiction To Tax Trust Property-The Trust Device As An Instrumentality For Avoiding Taxation Dec 1937

Taxation-Jurisdiction To Tax Trust Property-The Trust Device As An Instrumentality For Avoiding Taxation

Indiana Law Journal

No abstract provided.

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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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