Fletcher Trust Co. v. Commissioner
United States Tax Court
Gift Tax -- Fiduciary of Transferee -- No Exclusion on Future Interest. -- Donor and petitioner, the trustee, executed an irrevocable trust agreement in 1932, under which the right to change the beneficiaries, but not the right to revest any interest in himself, was reserved to the donor; the trust property consisted of insurance policies, with annual premiums to be paid by donor, and on his death, the proceeds to be divided into three shares, the income from one share to go…
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Gift Tax -- Fiduciary of Transferee -- No Exclusion on Future Interest. -- Donor and petitioner, the trustee, executed an irrevocable trust agreement in 1932, under which the right to change the beneficiaries, but not the right to revest any interest in himself, was reserved to the donor; the trust property consisted of insurance policies, with annual premiums to be paid by donor, and on his death, the proceeds to be divided into three shares, the income from one share to go to donor's son-in-law and on his death, to Indiana University, the other two shares to go to his daughters or their…
1Opinion of the Court
OPINION.
TURNER, Judge:
The petitioner’s first contention is that no taxable gift was made by Landon in 1936 through cancellation and surrender of his right to change the beneficiaries of the trust or the terms of the trust agreement under which the beneficiaries were to receive their shares therein. It takes the position that, since the donor retained under the trust instrument as agreed upon and executed on May 23, 1932, no power to cause the beneficial title to any of the trust property to be revested in himself, the completed gift occurred on that date regardless of the fact that he did…
2Cases cited6 opinions
- Phillips v. CommissionerSupreme Court of the United States · 1931
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- United States v. PelzerSupreme Court of the United States · 1941
- Helvering v. HutchingsSupreme Court of the United States · 1941
- Rasquin v. HumphreysSupreme Court of the United States · 1939
1 more not listed; retrieve them via the Exa API.
3Cited by35 opinions
- Chase Nat'l Bank v. CommissionerUnited States Tax Court · 1955
- Cutler v. CommissionerUnited States Tax Court · 1945
- Sheaffer v. CommissionerUnited States Tax Court · 1961
- La Fortune v. CommissionerUnited States Tax Court · 1957
- O'Neal v. CommissionerUnited States Tax Court · 1994
30 more not listed; retrieve them via the Exa API.