|
|
Ithaca Trust Co. v. United States, 279 U.S. 151 (1929)
Contents:
Show Summary
Hide Summary
General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Ithaca Trust Co. v. United States, 279 U.S. 151 (1929)
Ithaca Trust Co. v. United States No. 267 Argued February 27, 1929 Decided April 8, 1929 279 U.S. 151
CERTIORARI TO THE COURT OF CLAIMS
Syllabus
1. Where a will makes bequests to charities, to be paid after the death of the testator’s wife from a residuary estate bequeathed to her for life, and allows the wife to use from the principal any sum "that may be necessary to suitably maintain her in as much comfort as she now enjoys," and the income of the estate at the death of the testator, after paying specific debts and legacies, is more than sufficient to maintain the widow as required, her authority to draw on the principal, being thus limited by a standard fixed in fact and capable of being stated in definite terms of money, does not render the value of the charitable bequests so uncertain as to prevent their deduction from gross income, under § 403(a)(3) of the Revenue Act of 1918, in computing the estate tax. P. 154.
2. The estate tax being on the act of the testator, and not on the receipt of property by legatees, the estate transferred is to be valued as of the time of the testator’s death. P. 155.
3. Therefore, the value of a life estate is to be determined on the basis of life expectancy as of that time, even though the life tenant died before the time came for computing and returning the tax. Id.
64 Ct.Cls. 686 reversed.
Certiorari, 278 U.S. 589, to review a judgment for the United States in a suit brought by the Trust Company to recover money collected as estate taxes.
Contents:
Chicago: U.S. Supreme Court, "Syllabus," Ithaca Trust Co. v. United States, 279 U.S. 151 (1929) in 279 U.S. 151 279 U.S. 153. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=PLMA95RV6AQW3ZR.
MLA: U.S. Supreme Court. "Syllabus." Ithaca Trust Co. v. United States, 279 U.S. 151 (1929), in 279 U.S. 151, page 279 U.S. 153. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=PLMA95RV6AQW3ZR.
Harvard: U.S. Supreme Court, 'Syllabus' in Ithaca Trust Co. v. United States, 279 U.S. 151 (1929). cited in 1929, 279 U.S. 151, pp.279 U.S. 153. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=PLMA95RV6AQW3ZR.
|