Oliver Wendell Holmes, Jr.

“ The power to tax is not limited in the same way as the power to affect the transfer of property. If this fund had passed by intestate succession, it would be recognized that by the traditions of our law the property is regarded as a universitas the succession to which is incident to the succession to the persona of the deceased. As the states where the property is situated, if governed by the common law, generally recognize the law of the domicil as determining the succession, it may be said that, in a practical sense at least, the law of the domicil is needed to establish the inheritance. ”

“ But Bullen, as has been seen, reserved an absolute power of control over all of his gifts, and exercised it during his life by a revocation (followed, to be sure, by a reconveyance upon the same terms) , and by taking all the income of the fund. The words of Lord St. Leonards apply with full force to the present attempt to escape the Wisconsin inheritance tax: 'To take a distinction between a general power and a limitation in fee is to grasp at a shadow while the substance escapes.' Sugden, Powers, 8th ed. ”

“ During my lifetime the principal and income shall be used for such beneficiaries and in such manner as I may from time to time appoint, and in default of any appointment during my lifetime, and, at all events, after my death, the said income and the said principal shall be applied, paid over or held as herein provided.' It also declared that no portion of principal or income should be paid under some of the leading clauses before Bullen's death, unless by his direction. ”