Estate of Alperstein v. Commissioner
United States Court of Appeals for the Second Circuit
613 F.2d 1213 (1979)
- Written by Daniel Clark, JD
Facts
In his will, Harry Alperstein established a trust for the benefit of his wife, Fannie. The will also devised to Fannie a general power of appointment over the principal of the trust. Shortly before Harry’s death, Fannie became incompetent and was moved into a nursing home. Harry died, and the power of appointment passed to Fannie. From the point of Harry’s death until her own, Fannie was incompetent and could not exercise the power of appointment. When Fannie died, the executor of her estate (plaintiff) did not include the power of appointment in Fannie’s gross estate. The Internal Revenue Service (IRS) (defendant) included the power of appointment in the gross estate and issued a deficiency. The United States Tax Court ruled in favor of the IRS, and the executor appealed.
Rule of Law
Issue
Holding and Reasoning (Friendly, J.)
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