economic control
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 318 U.S. 176 - Smith v. Shaughnessy · 1943Most cited · 363 citing opinions
where the grantor has neither the form nor substance of control and never will have unless he outlives his wife, we must conclude that he has lost all 'economic control' and that the gift is complete except for the value of his reversionary interest.