https://www.taxtmi.com/caselaws?id=8639 A testamentary disposition giving a widow possession and use of business assets during life, with beneficiaries entitled only after her death, confers a beneficial life interest rather than executorial character. On that construction, the assessee was not an executrix by implication or tenor of the will. Because she held only a life interest, her transfer of the stationery business could operate only on that limited interest, and gift-tax valuation had to be confined to the value of the life interest actually conveyed, not the full business or assets. en-us Fri, 26 Nov 1971 00:00:00 +0530 Fri, 08 May 2009 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8639 A testamentary disposition giving a widow possession and use of business assets during life, with beneficiaries entitled only after her death, confers a beneficial life interest rather than executorial character. On that construction, the assessee was not an executrix by implication or tenor of the will. Because she held only a life interest, her transfer of the stationery business could operate only on that limited interest, and gift-tax valuation had to be confined to the value of the life interest actually conveyed, not the full business or assets. Case-Laws Income Tax Fri, 26 Nov 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8639