Estate of Cristofani v. Commissioner
United States Tax Court
D created an irrevocable inter vivos trust to which she contributed property during each of the two years preceding her death. The value of each contribution was $ 70,000. The primary beneficiaries of the trust were D's two children. D's five minor grandchildren had contingent remainder interests in the trust.
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D created an irrevocable inter vivos trust to which she contributed property during each of the two years preceding her death. The value of each contribution was $ 70,000. The primary beneficiaries of the trust were D's two children. D's five minor grandchildren had contingent remainder interests in the trust. In addition, the trust provided that D's two children and five grandchildren each had the unrestricted right to withdraw an amount not to exceed the amount of annual gift tax exclusion under sec. 2503(b)1Unless otherwise indicated, all section references are to the Internal Revenue Code…
1Opinion of the Court
RUWE, Judge:
Respondent determined a deficiency in petitioner’s Federal estate tax in the amount of $49,486. The sole issue for decision is whether transfers of property to a trust, where the beneficiaries possessed the right to withdraw an amount not in excess of the section 2503(b) exclusion within 15 days of such transfers, constitute gifts of a present interest in property within the meaning of section 2503(b).
FINDINGS OF FACT
Petitioner is the Estate of Maria Cristofani, deceased, Frank Cristofani, executor. Maria Cristofani (decedent) died testate on December 16, 1985. At the time of her…
2Cases cited23 opinions
- Rowan Cos. v. United StatesSupreme Court of the United States · 1981
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- Hanover Bank v. CommissionerSupreme Court of the United States · 1962
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- United States v. WurtsSupreme Court of the United States · 1938
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