Riter v. Commissioner
United States Tax Court
1. Gift Tax -- Exclusions -- Section 504 (b), Revenue Act of 1932. -- Although there was a gift of a present interest to one donee, the value of that interest can not be determined in view of the power of the trustee in his absolute discretion to terminate that interest by awarding the corpus of the trust to another beneficiary at any time.
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1. Gift Tax -- Exclusions -- Section 504 (b), Revenue Act of 1932. -- Although there was a gift of a present interest to one donee, the value of that interest can not be determined in view of the power of the trustee in his absolute discretion to terminate that interest by awarding the corpus of the trust to another beneficiary at any time. Furthermore, even in the absence of this right in the trustee, the value could not be determined from the present record because it does not contain factors upon which to base such a valuation. Therefore, no exclusion can be ordered. 2. Id. -- Gifts of…
1Opinion of the Court
OPINION.
Muedock, Judge:
The respondent by notice of January 19, 1942, asserts a transferee liability against the petitioner for a deficiency in gift taxes for the calendar year 1937 in the sum of $1,117.75 with respect to gifts made by Henry G. Riter, III.
The issues are (1) whether gifts made by Riter in 1937 were, in part, gifts of present interests; (2) whether the respondent failed to give proper effect to the decision of the Board of Tax Appeals determining an overpayment in gift tax of Henry G. Riter, III, for 1936;.and (3) whether collection from this petitioner is barred by the statute…
Also in this document: Concurrence.
2Cases cited4 opinions
- United States v. PelzerSupreme Court of the United States · 1941
- Robinette v. HelveringSupreme Court of the United States · 1943
- Moore v. CommissionerUnited States Tax Court · 1942
- Farish v. CommissionerUnited States Tax Court · 1943
3Cited by25 opinions
- Fairmont Aluminum Co. v. CommissionerUnited States Tax Court · 1954
- Trapp v. United StatesCourt of Appeals for the Tenth Circuit · 1949
- Geller v. CommissionerUnited States Tax Court · 1947
- Kniep v. CommissionerUnited States Tax Court · 1947
- Fleming v. CommissionerUnited States Tax Court · 1944
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