Estate of Kincaid v. Commissioner

1986 T.C. Memo. 543, 52 T.C.M. 1003, 1986 Tax Ct. Memo LEXIS 61
CourtUnited States Tax Court
DecidedNovember 12, 1986
DocketDocket No. 14706-82.
StatusUnpublished

This text of 1986 T.C. Memo. 543 (Estate of Kincaid v. Commissioner) is published on Counsel Stack Legal Research, covering United States Tax Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Estate of Kincaid v. Commissioner, 1986 T.C. Memo. 543, 52 T.C.M. 1003, 1986 Tax Ct. Memo LEXIS 61 (tax 1986).

Opinion

ESTATE OF NELLE W. KINCAID, DECEASED, JANE K. JOHNSON and JOAN D. KINCAID, CO-EXECUTRICES, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Estate of Kincaid v. Commissioner
Docket No. 14706-82.
United States Tax Court
T.C. Memo 1986-543; 1986 Tax Ct. Memo LEXIS 61; 52 T.C.M. (CCH) 1003; T.C.M. (RIA) 86543;
November 12, 1986.
Paul E. Sullivan,James Park, Jr.,C. Christopher Trower and Scott W. Dolson, for the petitioner.
Andrew W. Winkler, for the respondent.

COHEN

MEMORANDUM FINDINGS OF FACT AND OPINION

COHEN, Judge: Respondent determined deficiencies of $106,882.83 and $18,431.14 in Nelle W. Kincaid's Federal income taxes for 1978 and 1979, respectively. After concessions, 1 the remaining issue concerns the deductibility of certain legal fees paid by Nelle W. Kincaid during the years in issue.

*63 FINDINGS OF FACT

Some of the facts have been stipulated. The facts set forth in the stipulation are incorporated in our findings by this reference.

Nelle W. Kincaid (Nelle Kincaid) resided in Lexington, Kentucky, at the time her petition was filed. She filed 1978 and 1979 Federal income tax returns with the Internal Revenue Servuce Center in Memphis, Tennessee. She died in June 1984, and her estate was substituted in this case as petitioner. She was survived by two daughters (the daughters), who were her sole beneficiaries.

In February 1964, Nelle Kincaid's husband, Garvice D. Kincaid (Garvice Kincaid), executed a Trust Agreement (the Trust) in which he agreed to transfer certain of his holdings and other property to Central Bank and Trust Company (Central Bank), the trustee. The trustee was bound to follow the advice and instructions of an Advisory Committee. In general, the trustee was required to "pay the net income from such property in monthly installments or otherwise as it is instructed by the Grantor [Garvice Kincaid] to or for the benefit of the Grantor for and during his lifetime."

Upon the death of Garvice Kincaid and if he were survived by Nelle Kincaid, *64 the trust estate, which included the principal and income already in the Trust as well as the property passing to the Trust from Garvice Kincaid's estate, would be divided into a marital part and a nonmarital part pursuant to the instructions and directions of the Advisory Committee. The Advisory Committee would allocate the estate's assets as necessary to achieve maximum benefit of the allowable estate tax marital deduction. The marital part would then be divided, pursuant to the sole discretion of the Advisory Committee, into two separate trusts of equal shares designated Fund A and Fund B. The remainder of the trust estate, the nonmarital part, would become a trust designated Fund C.

In such case, the trustee was directed to pay the net income from Fund A to Nelle Kincaid during her lifetime. She had the additional right to receive out of Fund A as much as $20,000 of principal per year provided she executed a written request, and she also had the power to appoint the principal of Fund A upon her death. At its discretion, the Advisory Committee could direct to Nelle Kincaid (during her lifetime) the payment of any amount of principal from Fund A or any amount of net income*65 or principal from Fund B. Upon the death of Nelle Kincaid, the accumulated income and principal of Fund B would be distributed to the executors of her estate. Distributions of income or principal out of Fund C also rested within the sole discretion of the Advisory Committee. Eligible recipients under Fund C included Nelle Kincaid, the daughters, and a few others who met specific conditions.

Pursuant to an Amendment to the Trust dated February 4, 1967, the members of the Advisory Committee, to be composed of three individuals, were specified as were three successors, none of which included Nelle Kincaid or the daughters. The amendment also included the following provision:

It is the Grantor's express desire to have as members of this Advisory Committee, persons who are employed by, represent, have financial interests in, or receive compensation from, corporations in which the trusts created by this Trust Agreement have, or are likely to have, financial interests; therefore, any such employment, representation, or financial interests shall not disqualify a person from being, becoming or remaining a member of the Advisory Committee.

Garvice Kincaid died testate in November 1975. *66 At the time of his death Garvice Kincaid was an attorney, a businessman, and a financier who maintained stock holdings in insurance companies, finance companies, and more than 20 banks. Among the insurance companies was Kentucky Central Life Insurance Company (KCLI), in which Garvice Kincaid owned 800 of the 961 shares of voting common stock then outstanding. One of the banks, Central Bank and Trust Company (Central Bank), was the executor of his estate.

An Estate Tax Return was filed for the estate of Garvice Kincaid in August 1976. The return reported a total gross estate of approximately $16,000,000. Schedule M of the return described the following bequests to Nelle Kincaid (surviving spouse):

1. Residence$ 100,000
2. Insurance Proceeds261,667
3. Employment Contract350,000
4. Interest in Marital Trust3,597,111
$4,308,778

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Bluebook (online)
1986 T.C. Memo. 543, 52 T.C.M. 1003, 1986 Tax Ct. Memo LEXIS 61, Counsel Stack Legal Research, https://law.counselstack.com/opinion/estate-of-kincaid-v-commissioner-tax-1986.