Robertson v. Commissioner
United States Tax Court
Petitioner created a trust under which the income was to be paid to his wife during her life with the power in the corporate trustee to pay her so much of the principal as it should deem necessary for her maintenance and support with due regard to her other sources of funds, with remainders to third parties. Petitioner's wife consented to have the remainder gifts considered as having been made one-half by her and one-half by her husband.
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Petitioner created a trust under which the income was to be paid to his wife during her life with the power in the corporate trustee to pay her so much of the principal as it should deem necessary for her maintenance and support with due regard to her other sources of funds, with remainders to third parties. Petitioner's wife consented to have the remainder gifts considered as having been made one-half by her and one-half by her husband. Petitioner's wife was over 60 years old. She and her husband had been happily married for over 30 years. Petitioner had net assets after the creation of the…
1Opinion of the Court
OPINION.
KeRN, Judge:
Eespondent’s argument in justification of the deficiency in gift tax determined in this case may be paraphrased from his brief as follows: That the value of the interest transferred by petitioner to his wife pursuant to the trust agreement of 1950 could not be determined since the trustee could destroy the income interest of the wife by distributing to her the principal of the trust, and therefore no exclusion is allowable with respect to the gift effected by this transfer; and, further, that since the value of the interest transferred to petitioner’s wife cannot be…
2Cases cited9 opinions
- Merchants Nat. Bank of Boston v. CommissionerSupreme Court of the United States · 1943
- Hartford-Connecticut Trust Co. v. EatonCourt of Appeals for the Second Circuit · 1929
- Jack v. CommissionerUnited States Tax Court · 1946
- Cutler v. CommissionerUnited States Tax Court · 1945
- Evans v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1952
4 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Robertson v. CommissionerUnited States Tax Court · 1956