(Download) "Reed v. Commissioner of Internal Revenue" by Fifth Circuit Circuit Court Of Appeals ~ Book PDF Kindle ePub Free
eBook details
- Title: Reed v. Commissioner of Internal Revenue
- Author : Fifth Circuit Circuit Court Of Appeals
- Release Date : January 07, 1930
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 60 KB
Description
Before WALKER, BRYAN, and FOSTER, Circuit Judges. WALKER, Circuit Judge. This is a petition for a review of an order of the Board of Tax Appeals sustaining the action of the Commissioner of Internal Revenue in determining a deficiency in estate taxes against the estate of Thomas Selden Reed, who died on February 20, 1924. That determination was the result of including in the gross estate of the decedent property which was conveyed to him by the deed mentioned below. The Board's findings of fact include the following: Decedent had been married twice. His first wide, Dora Reed, died intestate in the year 1886. By her decedent had five children, all of whom are living. Dora Reed, at the time of her death, possessed a share in the community estate of herself and husband. Her share was never segregated from the community, and was managed and controlled by decedent as though it was his own property. Decedent's second wife, Ida Reed, died intestate June 26, 1919. By her decedent had four children, who are now living. At the date of her death she was the owner in community with her husband of a large estate. Decedent returned her estate for tax purposes. Ida Reed's estate was not administered. Prior to October, 1919, decedent and his children had several consultations, the result of which was an oral agreement between all the parties to the effect that the children would convey to decedent their interests in their respective mothers' estates, and that he would devise and bequeath to them the whole of the estate (including the property he was to receive from the children by the proposed deed) of which he might be possessed at the date of his death in the respective shares and subject to the conditions and reservations disclosed by his last will and testament hereafter referred to. Pursuant to this agreement, all of the said children executed and delivered to decedent a warranty deed conveying ""all and singular our right, title, interest, estate and demand in and to all of the property, whether real, personal or mixed, of which we may be seized and possessed, or in or to which we or any of us may own and have an interest as children and heirs at law of our respective mothers, the said Dora Reed, * * * and the said Ida Reed; * * * it being the intention of this instrument to convey all of our interest in said estates, stocks, bonds, notes, choses in action and real estate, and every character of property and wherever the same may be situated."" That deed recited a consideration of $10,000. No part of the recited consideration was paid or intended to be paid. That deed was executed on December 24, 1919. On the same day the decedent executed and published his last will and testament, the provisions of which, as above indicated, were in conformity with the above-mentioned agreement. That will was in effect at the time of decedent's death, and was duly probated.