[Download] "Andrew Sproule Love v. St. Louis Union" by Missouri Supreme Court En Banc * Book PDF Kindle ePub Free

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eBook details

• Title: Andrew Sproule Love v. St. Louis Union
• Author : Missouri Supreme Court En Banc
• Release Date : January 09, 1973
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 67 KB

Description

Action by Andrew Sproule Love, Jr., Executor of the Estate of Andrew Sproule Love, deceased, to construe a trust created by, and the last will and testament of, Andrew Sproule Love; and to require St. Louis Union Trust Company, Trustee under Indenture of Trust of Andrew Sproule Love of December 30, 1941, to contribute from trust assets a pro rata share of federal estate or state inheritance taxes or succession duties. The Executor's federal estate tax return showed a gross estate of $5,450,498.70, a taxable estate of $5,197,176.78, and a net tax after credits for state death taxes and tax on prior transfers of $2,102,937.98. Included in the gross estate for purpose of federal estate tax was $290,376.96, being the value of the trust estate at the death of Andrew Sproule Love. The Executor seeks to recover for the probate estate $120,077.70 as the portion of federal estate tax attributable to the trust. The Trustee and two of its principal beneficiaries, Peter C. Robertson and John O. Robertson, half brothers of the remaining principal beneficiary, Andrew Sproule Love, Jr., claim to have been relieved from liability for any such tax by decedent's will, and cross claim for judgment exonerating them and the trust from liability for contribution to federal estate taxes and all other death taxes. The trial court found and adJudged that the share of death taxes to be borne by the trust was $116,145.26, determined by multiplying the net tax payable, $2,102,937.98, by a fraction, the numerator of which was the federal estate tax value of the trust, $290,376.96, and the denominator of which was the taxable estate, $5,197,176.78, plus the federal estate tax exemption, $60,000, i.e.: Trust's Share Federal Estate Tax Value of Trust (Net Tax of Taxes =Taxable Estate + $60,000 exemption Payable) Both sides have appealed:

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