Document: 33 L.Ed.2d 238 92 S.Ct. 2382 408 U.S. 125 UNITED STATES, Petitioner,v.Marian A. BYRUM, Executrix Under the Last Will and Testament of Milliken C. Byrum. No. 71—308. Argued March 1, 1972. Decided June 26, Rehearing Denied Oct. 10, See 93 94. Syllabus Decedent transferred to an irrevocable trust for benefit his children (and if they died before ended, their surviving children) stock in three unlisted corporations that he controlled, retaining right vote stock, veto transfer by trustee (a bank) any remove appoint another corporate as successor. The together with decedent owned at time death, gave him a majority each corporations. Commissioner Internal Revenue determined was includable decedent's gross estate under § 2036(a) Code 1954, which requires inclusion value property has inter vivos gift, retained lifetime '(1) . enjoyment transferred, or (2) right, either alone conjunction person, designate persons who shall enjoy income therefrom.' claimed shares sale trustee, ownership other shares, made 206(a)(2), because control over dividend policy and, regulating flow trust, could shift defer beneficial between present beneficiaries remaindermen, 2036(a)(1) because, reason corporations, had continue economically from during lifetime. Held: 1. did not retain 'right,' within meaning 2036(a)(2), income. Pp. 131—144. (a) A settlor's retention broad management powers necessarily subject federal tax. 131—135. (b) In view legal business constraints applicable payment dividends, especially where there are minority stockholders, these give de facto position tantamount power accumulate trust. 135—144. 2. Decedent's voting constitute 2036(a)(1), since irrevocably title therefrom. 145—150. 440 F.2d 949, affirmed. Matthew J. Zinn, Washington, D.C., petitioner. Larry H. Snyder, Columbus, Ohio, respondent. Mr. Justice POWELL delivered opinion Court. 1 Decedent, Byrum, created 1958 closely held Prior transfer, least 71% outstanding corporation. were or, event death termination children. instrument specified be trustee. Byrum designated sole independent corporation, Huntington National Bank. agreement vested detailed respect property. These exercisable trustee's discretion, cervote tain rights reserved Byrum: (i) estate; (ii) disapprove assets, including trust; (iii) approve investments reinvestments; (iv) 'designate Trustee serve successor.' Until youngest living child reached age 21, authorized its 'absolute discretion' pay principal beneficiaries, 'with due regard individual needs education, care, maintenance support.' After divided into separate child, terminate when 35. discretion trusts emergency 'worthy need,' education.1 2 When 1964, less than 50% common two 59% third. it, result continued have corporations.2 There ninority unrelated 3 Following Byrum's properly included 26 U.S.C. 2036(a). That section provides all transaction, possession of, from, property' '(2) possess therefrom.'3 should agreement. It asserted thereof enabled 'enjoyment property,' also allowed determine thereby 4 executrix paid additional tax $13,202.45, thereafter brought this refund action District facts being dispute, court ruled on cross motions summary judgment. 311 F.Supp. 892 (S.D.Ohio 1970). Court Appeals affirmed, one judge dissenting. 949 (C.A.6, 1971). We granted Government's petition certiorari. 404 937, 278, 30 249 (1971). 5 * Government relies primarily claim, argument is complicated one. By whose select directors. He selling vetoing shares. rights, it said, policy. increasing, decreasing, stopping dividends completely, argued 'regulate trust' remaindermen. sum said grantor-trustee's recognized constitutes property.4 6 At outset we observe never must solely settlor manage assets. On contrary, our decision Reinecke v. Northern Trust Co., 278 339, 49 123, 73 L.Ed. 410 (1929), been does tax.5 Although no statutory analogue 2036(a)(2) decided, several lower decisions decided after enactment predecessor upheld exercise managerial without incurring estate-tax liability.6 Estate King Commissioner, 37 T.C. 973 (1962), direct investment empowered cause such manner significantly Tax rejected argument, taxpayer. 'wide latitude types made,' id., 980, find equivalent 7 Essentially same settlors King. neither case controls one—Northern Trust, predecessor; King, opinion—the existence precedents carries weight.7 holding may adverse consequences, relied upon drafting hundreds trusts.8 modification principle now sought seriously impact, estates) happen 'controlling' stockholders Courts reluctant depart interpretation law generally accepted departure potentially far-reaching consequences. taxation reexamination, Congress better equipped define precisely type conduct results courts readily undertake tasks, taxpayers rely assurance what appear established rules lest subsequently overturned. Legislative enactments, hand, although always free ambiguity, afford advance warning. 8 argues, however, United States O'Malley, 383 627, 86 1123, 16 145 (1966), compels named himself trustees. trustees life beneficiary part 'sole discretion.' further provided net trustees, distributed calendar year, "shall become Estate." Id., 629 n. 2, S.Ct., 1124. characterized effect follows: 9 'Here Fabrice (the settlor) empowered, distribute add principal, denying privilege immediate conditioning eventual trust.' 631, 1126. 10 As settlor, acting 'in conjunction' came squarely language intent taxpayer conceded original assets estate. 632, issue whether accumulated income, added pursuant reservation respect, purposes. was. 11 view, purposes case, O'Malley adds nothing statute itself. clearly ambit 'retained covered reasons: (1) set forth instrument; expressly others, 'to designate' it. 12 'right' otherwise. term certainly used statute, given normal customary meaning. connotes ascertainable legally enforceable power, involved O'Malley.9 Here, ascribed use influence directors dividends' nor hence sense term.10 13 reinvestments. But alone, out withhold among enjoyed Whatever possessed derived instrument, but fact elect conferred command them dividends. shareholder fiduciary duty misuse promoting personal interests expense interests.11 Moreover, promote corporation.12 However great directors, responsibilities according standards entirely desires thereto. 14 seeks equate controlling stockholder statute. Retention (through shares) 'tantamount income' resulted consequences O'Malley. goes assert '(t)hrough (Byrum) increase decrease income.'13 This approach seems us only specific language,14 misconceive realities life. 15 suppose controlled typical small businesses. vicissitudes enterprises—bad years; product obsolescence; new competition; disastrous litigation; new, inhibiting regulations; even bankruptcy—prevent certainty predictability earnings corporation will earned available Thus, alleged 'power economic variables little control. Even earnings, declare board. making board consider number factors. balance expectation reasonable against earnings. first responsibility safeguard financial viability long term. means, things, sufficient assure adequate working capital well resources retirement debt, replacement modernization plant equipment, growth expansion. nature corporation's business, policies long-range plans management, relevant decisions.15 Directors held, bear mind relatively limited access enterprise markets. require more conservative would expected securities listed national exchanges.16 17 Nor do flexibility opportunity concerns utilization substantial, accumulation surplus rather through internal external imposition penalty tax.17 18 various considerations ignored directors' peril. determining whether, when, amount paid, restraints. If, obedience stockholder, disregard shareholders accumulating unreasonable extent, vulnerable derivative suit.18 They similarly make unlawful absence surplus,19 fail requisite degree care discharging act best interest stockholders. 19 inhibited abusing family advantage detriment substantial Byrum.20 Had violated duties, Ohio law.21 Bank, both hold responsible wrongful negligent director corporations.22 imprudent confronted complaint conduct. successor succeed removed. 20 conclude unconstrained regulate much His ability affect, control, qualitatively different beneficiaries.23 managed flood way compelling prevent payments assets,24 admittedly few death. cannot assume, come reinvestments gifts.25 21 merit contention 'control,' contraints above, 2036(a)(2).26 II 22 asserts alternative ground argues guaranteed employment remuneration, liquidated merged. thus 'the 2036(a)(1). concedes 'unimportant interest' 'where cumulative flowing placed leaves grantor close assures lifetime, 'enjoyment' stock.'27 Brief 23. 23 settled terms 'enjoy' 'enjoyment,' statutes, 'are art, connote technical vesting estates.' Holmes, 326 480, 486, 66 257, 260, 90 228 (1946).28 For example, critical inquiry 'intended take death,"29 348, 126, similar property, said: 24 'Nor save benefits equally others incomplete. shifting complete soon made. recall own then ceased contemplation distinguish gift tax.' U.S., 346—347, 125. 25 cases cited reveal 'possession' deal situations owner divested real Black's Church, 335 69 322, 288 (1949), traces history concept. none person irrevocably, delivery relinquished producing.30 cites Holland 564 (1943),31 mere giving caused include "on inclusive whole arrangement, withholding until coupled certificates pledge company officers" subjects 565. considerably greater retained, interest.32 27 concedes, right-to-vote itself contemplated addition weight precedent, conceptually unsound. implies, express 2036(a), enjoyment' 'property' 'income' stock. 'control' (in Government) able virtue those Indeed, still largest probably exercised large each.33 plainly contemplates attribute transferred—such itself, appointment principal.34 28 'substantial benefit,' 260. points 'benefits.' these, liquidate merge, benefit; rather, speculative contingent realized. probability compensation of. transferred) dominant active productive, likely senior significant voice compensation. inevitable free-enterprise system, capability favor constraints. Where accountable employment, compensation, officers violate reasonably stockholders.35 policed, albeit indirectly, Service, disallows deduction executive expense.36 29 reasons correctly accordingly judgment Judgment 31 WHITE, whom BRENNAN BLACKMUN join, 32 I think wrong respects. code commands transfers effective name form deceased of' §§ (2). Our explicate congressional directive mean wishes avoid self-abnegating enough totally surrender 34 '(A)n avoided except bona fide absolutely, unequivocally, possible reservations, parts property.' 645, 329, (1949). 35 taxpayer's alienation measure up high standard. 'gave up' means salaried positions To my put beyond pretext enjoyed. 36 lifelong contravenes afforded beneficiaries—the tenants remaindermen—would receive secured intents exclusively dependent sell controlled.1 instructing elected thought declared open spigot flowed trust's tenants. closed deferring perpetuating funds, remaindermen share values swollen extent can effected suggested pay-out record here question, reflected accounts. Over five years later valued Service $89,000, received total $339 sixth died. raised rate 10¢ $2 per $1,498 'Income Cash Ledger,' App. 25—26. renders scheme repugnant 38 me clear truly, totally, 'absolutely, unequivocally' alienated apparent that, tolerated, gaping hole laws, basis nonetheless enjoyment, taxes? 39 majority's arguments purporting might justify conclusion immune taxation. 40 says reading warranted paragraph antique point cited, see 125, circumstances case. No ever Adolphus Bartlett, indeed, company. glance Bartlett (e.g., 1,000 784 Commonwealth Edison 300 Illinois Central R. 200 preferred Chicago & North Western Co.)2 shatters theory lead believe concerned anything like transactions basis, then, say 'similar corporations?' And taxable 'against precedent?' 41 implies testator ignores plain proscribes 'possession income.' 42 3. concludes assertion benefits' control.3 important, private so relevance hardly 'enjoyed' refuted law;4 commentators;5 everyday exchange offers trades repeatedly demonstrate fetch premium.6 belied obviously forbade bank served his—Byrum's approval, whatever return, prospects, value, needs. Agreement 5.15, 14. 43 sum, discourse unconvincing rationalization allowing tax-free privileges supposedly 'absolutely' 'unequivocally' up. III 44 substance length discussion 2036(a)(2). 45 Approaching problem afresh, '(had) rights' appointed created, drafted freedom allocate tenant remainderman 811(c) (d) 1939, amended, 811(c)(1)(B) worded constrained 'definite standard' administered. States, 220 30, (1963). noted 'plaintiff's required standard imposed Illinois,' found 'without merit.' 46 'The plaintiff fundamental principles law: beneficiary; equitable estates separated; owe beneficiaries. statements particular Illinois. requirements circumscribe otherwise unrestricted governed excludable application (d).' F.Supp., 33—34. 47 aspect matter Appeals, 340 930 (CA7 1964), here. asked decide court's extended excessive transferred. though capable constraint 'is deemed 'designate' 2036(a)(2)).' 48 makes untenable. establishes serving barred general requirements. (1946),7 Lober 346 335, 74 98, 98 (1953). Now accept incompatible seeking exemption keep allocation rendering obligations eliminate 2036(a)(2).8 B prop untenable suggesting distribution fear suits, taxes, 'various peril.' deny constraints, restraining tempting abuse guts accelerate retard, enlarge diminish, most taxes accumulations exceed $100,000, 535(c); ceiling. threat suit deterrent accumulation. Cary puts it: 50 refused declaration larger despite current numerous; plaintiffs won cases. labels 'business judgment'; purpose'; 'non-interference affairs.' defense supplemented grounds forward paying .' W. Cary, Cases Materials Corporations 1587 (4th ed. 1969). 51 cf. Sunnen, 333 591, 609, 68 715, 724, 898 (1948). 52 ease excess alike circumvented hurdled chooses arrange affairs above. C 53 proposes method distinguishing Section speaks effort maintain instant stake. language'9 stretch endurance allocating situation rigid yardstick formal control.10 54 conjures image articulation odds passage. 1931 legislation, enacted materially amended date, passed Houses day—the last day session. printed committee report. Substantial references bill brief sections Congressional Record.11 warrant words niggardly way. 55 appears contemporary evidence word intended special expand contract reach restraint provision appeared. House Report Act 1932 notes relation amendment that: 56 insertion place designed actually clarifying change.' H.R.Rep.No.708, 72d Cong., 1st Sess., 47. 57 S.Rep.No. 665, 50, effect. 58 repeat injunction Frankfurter, ago: 'This read sense.' Ogilvie Hardware 330 709, 721, 67 997, 1003, 91 1192 (1947) (dissenting opinion). 59 Lest considered refute approach, quite pivoted power. explicitly theoretical Thus 60 .. 2036(a)(2)) ..' 1126 (emphasis supplied). 61 'With creation trusts, trusts.' spoke of: 62 adding moment 634, 1127 63 Other passages quoted. IV 64 Apparently sensing logic, policy, recent estate, blunt invoking refrain detrimental litigants taken legitimate reliance possibly outdated, once established, law. bring favor. 65 need quarrel principle. think, context inappropriate. recites facts: fact, specifically arrangement how invested. Though passage (2), followed 'several' decisions. provide oblique reference 1962 unappealed decision, 973, point. authorities, 1929 Supreme unreviewed exists 'generally accepted' rule done hypothesized 'may' 'hundreds' others; so, 'could' serious 'happen' while forbidding approval Therefore ought 'modified' apparently, 'appear(s) established' Judges differ questions deference accord well-established rule, doubt precluded reaching simply minds some contrary heretofore 'appear(ed) established.' If widely accepted, artful claims past understanding consistently suffice frustrate judicial administrative efforts every precedent—even level—might lay claim authority bar leave unappealed. Of course, doubly infirm Did sound calculating risk persisted described above? Again turns credible foundation Court's argument. January 1929, months version 402(c) 1921, proscribed attempted surprising focused question 347, added), mention liability precedent 'weight' efficacy made—as was—27 precedecessor enacted. 70 note rests conceptual framework modern elder sibling May Heiner, 281 238, 286, 826, three-page 1930 quotes length. fully retains very string survives. logic Heiner Trust. written: 71 'When I. Beveridge, Law Federal Taxation 8.06, p. 324 (1956). 72 longer curiams affirmed 1931, indicated confined facts, Treasury Department, next morning, wrote imploring promptly finally reject lenient system. responded enacting day. President signed evening. underlying permit pre-1931 liable May, 1949 wrong, 'a rejection' reasoning. 632,12 288. confidently Co. 1958. bound disrespect, Cardozo about 'as mouldy grave counsel face light age.' B. Cardozo, Growth Law, Selected Writings 244 (M. Hall 1947). entitled rely, true exist invest render emphasis proper wrong. First, evaded attention escape prior cases—save written four structured trust) trustee; is, posed instances obligation treat exactly instrument. 'freedom' reallocate by, e.g., investing wasting return long-term judicially strict invocation Jennings Smith, 161 (CA2 1947), leading realized structuring different. indirect kept measured Putting aside distinguished scheme, surely acknowledged reviewing courts. 75 Second, analysis skips uncertainty distribution. While lawyer pondering litigation, First Circuit reconsidering fiduciary's strictest disinterested Early Massachusetts assuming liability. State Street 160 877. estate's executor appealed panel October 7, amidst December 8. 23, 1959, 263 635.13 76 notice risked taxability trust—though true. month crystal ran Any resigned. viewed indication willing assume order 77 perception insisted subtle divination latter-day observer 1958—1959 landscape. Contemporary observers saw thing. field 1959 Review concluded: 'Until definite, proceeding risk. (T)here Gray Covey, Street—A Case Study Sections 2038, L.Rev. 75, 102. subcommittee American Bar Association Committee Planning appropriate. 1960 78 tax-wise draftsman review office excluded acts to: 79 '1. Exercise virtually unlimited Tax-Wise Drafting Fiduciary Powers, Counsellor's Quarterly 333, 336. 80 More solace V 81 majority, repeat, erred respect. remains respect—i.e., (a)(2) arguments—Byrum's pertinent provided: 'Article IV. Irrevocable Grantor reserves powers, herein. V. Powers Trustee. times authorities incident discharge impliedly hereby embodied following paragraphs Article, shown illustration limitation: 'Sell. 5.02 public sale, grant options sell, exchange, re-exchange dispose personal, belonging Estate, conditions consideration determine, execute deliver instruments conveyance necessary desirable therefor. 'Investments. 5.05 money stocks, bonds, funds unsecured, individuals, associations, governments, and/or otherwise, outside deem advisable, limitation whatsoever character hereafter existing regarding fiduciaries 'Voting. 5.06 proxy security comprising meeting, Grantor's stocks Grantor, wife her 'Leases. 5.09 leases time, shorter duration commence future; extend lease; lease renew understood enter ninety-nine year leases, renewable forever. Allocation. 5.13 receipts disbursements, gains losses, charged, credited apportioned principal. 'Limitation. 5.15 Notwithstanding 5.02, 5.05, 5.11 unless wife, Marian live, powers. VI. Distribution Age 21. reaches twenty-one (21) years, absolute applying issue, support equal stirpes. dispensing final binding interested persons. Division 'Principal Disbursements. 6.02 attaining thirty-five (35), illness requiring unusual medical hospital expenses, worthy education amounts determine. VIII. Removal 'If Trustee, Bank change combine names, purchased absorbed Columbis, Trusts privileges, duties herein 'Grantor, removal thereupon hereunder. IX. Miscellaneous Provisions. 'Discretion. 9.02 fund hereunder insufficient suitable support, comfort, beneficiary's children, advisable suitably persons.' actual proportions were: Total Percentage Owned Lithographing Inc. Graphic Realty, 83 Bychrome 88 2036 provides: '(a) General rule. therein (except full money's worth), period end death— (1966). irrelevant many (as corporation), arguing shareholder's taxed follow class taxed. Query: 'controlled' corporation? infra. overturned ruling. McCormick Burnet, 283 784, 343, 1413 (1931); Helvering Duke, 290 95, 521 (1933) (affirmed Court). Spiegel 701, 301, invited, sua sponte, opinion. See, Old Colony 423 601 (CA1 1970); Powell, 307 821 (CA10 1962); Ford 114 (1969), aff'd, 450 878 1971); Wilson 869 (1949) (en banc), 187 (CA3 1951); Budd 468 (1968); Pardee 140 (1967); (1962). dissenting attempts cases, settlor-trustee's settlor-trustee specifies. reserved-power-of-management agreement', post, 166, agreements often widest discretion. Assuming, arguendo, WHITE correct 1958, drawn, certain now, failure overrule plus 6, undoubtedly draftsmen considerable justification. concern precedents, thereon good faith. WHITE'S dissent 'power' practical reality form, examination indicate empowered. rate, rationale, urged adopted opinion, create standard—not statute—so vague amorphous impossible ascertainment instances. 13, Neither sheds vaguely drawing line 'an unimportant (whatever be) 'voting control.' address all. Comment, Sale Control Stock Brokers' Transaction Exemption—Before Wheat Report, Tex.L.Rev. 475, 479—481 Such relationship almost every, State. arises, exception: '(I)f undertakes, directly conduct, manage, affairs, faith, eye single identical shareholders. group for, through, nature. equity appropriate relief oppress commit fraud rights.' Jur.2d, 662, pp. 90—91 (footnotes omitted). Overfield Pennroad Corp., 586 (ED Pa.1941), rev'd grounds, 146 889 1944). represent just segment presume play favorites classes shareholders.' 497, 618. uses 'controlling stockholder' art fixed concept nebulous control' each), too variable imprecise se imposing circumstances, 'controls it' laws mergers sales control—in circumstances—may far vary size shareholders, concentration (or lack it) ownership. L.Loss, Securities Regulation 770—783 (1961). practitioners recognize possessing 10% factor Exchange Commission indicia SEC, Disclosure Investors—The 245—247 (1969). advocating Sunnen assignment reasoning objectives. unlike assignment-of-income recipient restraints deprive exercising so. spectrum businesses, permissible indeed. ranges utility assured stable engaged cyclical organized exploit patent unproved technology. Some all, merely static prolonged periods land, mineral resources, like). emphasize tend low payments, whereas mature pursue generous policies. Thomas Matthews, 94 St. 32, 55—56, 113 N.E. 669, 675 (1916): '(I)t account sums operation operations available, debts, necessity advisability reducing limits company's credit, preservation represented protection creditors, cash, credits merchandise.' Subc. G, pt. I, 531 537, 531—537. minimize cut off suit. possibility imprudently liquidity. Minority suits Rules Civ.Proc. 23.1. Fletcher, Cyclopedia Corporations, c. 58, 5320. exception, depending surplus. Rev.Code Ann. 1701.33. irrespective nearly statutes participate improper supra, 5432. Again, exception. 1701.95. 30—32. Inc., related eight Byrums; Realty unrelated. Wilberding Miller, 28, 42, 106 669 (1914): 'An arbitrary treatment relieved against.' '(t)o enforce, abandon, defend against, adjudicated proceedings, arbitration compromise, demand arising Estate.' 10—11. opinions Court, (1946), (1953), entire time. selected comparable acquire orders. acquisition asset, investment. compel income-producing them. summarize distinction states: 'Now 2036(a)(2).' Post, 157. statement, assumes ultimate conclusion, incorrectly states 'may allocation' sets out; hold, stated opinion's world surprise many. 'Thus, tenants.' 152. regular dependable 'spigot' desired. dream generally, fallacy motion disclose know whether—if assumed—they payments. infer higher previously. explained easily insurance imply shares: remaindermen.' (Emphasis added.) But, deferred, remained corporation; himself. CFR 20.2036—1(b)(2): 'use, possession, property's having use, applied toward decedent, pecuniary benefit.' interpret 'extreme literalness,' 154 3, apparently either. Reflection expensive words, particularly why interpreting literalness' impossibility. 402(c), Stat. 278. Hallock, 309 106, 444, 84 604 (1949); (1946); (1953); Grace, 395 316, 89 1730, 332 (1969); McNichol Revenue, 265 667 (CA3), cert. denied, 361 829, 78, (1950); Guynn 437 1148 (CA4 Despite suggestion, 154, 'ignore(d) income." Rather, establish argues. earlier Board B.T.A. 807 (1942). analogous Yeazel Coyle, 68—1 U.S.T.C. 12,524 (ND Ill.1968), settlor-trustee, 60% wholly Government, discussed 4, owning combination retained. disadvantage posture. supra. small, checkered earning record, market Yet asset value. crippling liquidity planning includes using acceptabel wealth consisted permitted marketable problem. discriminatory impact. Berkwitz Humphrey, 163 1958). 162(a)(1) permits deduct 'reasonable' expenses. determines exceeds bounds reason, deduction. Botany Worsted Mills 282, 129, 379 (1929). showing services $89,000 worth Byrum-controlled asset: Series E Savings Bonds $300 maturity. 'Yearly List (Trust) Assets,' 27—29. Consequently, 'from assets.' Transcript Record 90, O.T. 1928, am nowhere (which elsewhere extreme literalness) 'substantial' 'present'—or suggestions effect—appear. phrase benefit' quoted majority. Holmes' corpus (Holmes) retard beneficiaries' whim. donor 'so strong (allegedly put) power' 'divested 487, Holmes narrow Honigman Green Giant 208 754, (CA8 1962), 372 941, 934, 967 (1963); Essex Universal Corp. Yates, 305 572 Perlman Feldmann, 219 173 1955). '(S)hareholders usually vitally maintaining proportionate F. O'Neal, Close 3.39, academic dispute but, premium sale. Leech, Transactions Corporate Control, 104 U.Pa.L.Rev. 725 (1956); Hill, Controlling Shares, Harv.L.Rev. 986 (1957); Bayne, Sale-of-Control Premium: Disposition, Calif.L.Rev. 615 Noninvestment Value Stock, Ind.L.J. 317 (1970). 617. incompatibility perceived Service. Shortly handed down, promulgated Rev.Rul. 67—54 (1967) 'Where nonvoting holds remainder divi- dend disposition restriction another, whereby Since 20.2036—1(b)(3) Regulations immaterial capacity stockholder. therefore, Code.' call literalness strongly contrasts analysis, wide area shut Congressmen thinks carefully following: 'Mr. HAWLEY. Speaker, ask unanimous consent joint resolution (H.J.Res. 529) relating revenue, reported Ways Means. (The resolution, substantially today, read.) SPEAKER. Is objection? SCHAFER Wisconsin. Reserving object, object gentleman explains is. Speaker gentlemen, yesterday down creates heirs—the hedl heirs rich man. object. COLLINS. explanation. SABATH. purports vogue purpose evading inheritance estates? evade legislation.' Cong.Rec. 7198. considering companion invited overruled. Journal T.1947, 296—297. Church upon, Reed, concurring Spiegel, announced overruled again shifted (1970), legitimacy 1964.

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