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Revenue Ruling 76-368
Internal Revenue Service
1976-2 C.B. 271 (1976)
- Written by Eric Miller, JD
Facts
A decedent’s spouse made a testamentary trust under which the decedent received payments for life. The trustee, a bank, was also authorized to access the trust corpus and pay additional portions of it to the decedent as the trustee deemed appropriate—a discretionary power that the trustee was directed to liberally exercise. The decedent made numerous requests for funds from the trust prior to death, all of which were honored by the trustee. Following the death of the decedent, the Internal Revenue Service considered whether a power of appointment under the trust could be imputed to the decedent.
Rule of Law
Issue
Holding and Reasoning ()
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