La Fortune v. Commissioner
United States Tax Court
Held, certain gifts made in trust where trustee had to disburse the income annually to the beneficiaries and had full discretion to distribute the corpus prior to the expiration date named in the trust instrument, were gifts of future interest and donors were not entitled to the exclusions of section 1003 (b) (3), I. R. C. 1939; held, further, such gifts of a present right to income could not be valued for gift tax purposes because of the presence in the trust instrument of…
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Held, certain gifts made in trust where trustee had to disburse the income annually to the beneficiaries and had full discretion to distribute the corpus prior to the expiration date named in the trust instrument, were gifts of future interest and donors were not entitled to the exclusions of section 1003 (b) (3), I. R. C. 1939; held, further, such gifts of a present right to income could not be valued for gift tax purposes because of the presence in the trust instrument of the clause giving the trustee full discretion to disburse the corpus at any time; held, further, that trustee-donees,…
1Opinion of the Court
Fred J. LaFortune, Trustee for Suzanne M. LaFortune, Renee Elizabeth LaFortune, and Colette M. LaFortune, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
La Fortune v. Commissioner
Docket Nos. 60740, 60741, 60742, 60743, 60744, 60745, 62737, 62738, 62876, 62877, 62878, 62879
United States Tax Court
29 T.C. 479; 1957 U.S. Tax Ct. LEXIS 18;
December 20, 1957, Filed
Decisions will be entered under Rule 50.
Held, certain gifts made in trust where trustee had to disburse the income annually to the beneficiaries and had full discretion to distribute the corpus prior to the…
Also in this document: Concurrence; Dissent · Turner; Dissent · Withey.
2Cases cited19 opinions
- United States v. PelzerSupreme Court of the United States · 1941
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Commissioner v. DisstonSupreme Court of the United States · 1945
- Lawrence v. CommissionerUnited States Tax Court · 1957
- Mississippi Valley Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1945
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