Estate of Wyly v. Commissioner
United States Court of Appeals for the Fifth Circuit
610 F.2d 1282 (1980)
- Written by Daniel Clark, JD
Facts
Charles Wyly and his wife, Flora Wyly, lived in Texas, a community-property state. Charles and Flora formed a trust and funded it with some shares of stock that they held as community property. Flora was the trust beneficiary for the duration of her life, with her grandchildren as remaindermen. The transfer of the shares was a spousal gift under state law, and thus the shares became Flora’s separate property. Charles died, and his estate (plaintiff) did not include the transferred shares in Charles’s gross estate. The Internal Revenue Service (IRS) (defendant) determined that Charles had retained an interest in the transferred shares for the duration of his life and that the shares must be included in his gross estate. The IRS determined a deficiency, and the estate filed a petition in tax court. The tax court ruled in favor of the IRS, and the estate appealed.
Rule of Law
Issue
Holding and Reasoning (Garza, J.)
Concurrence/Dissent (Roney, J.)
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