Skouras v. Commissioner of Internal Revenue

FRANK, Circuit Judge.

The question here is whether the donees’ power to destroy a joint assignment with right of survivorship gave the donor an exclusion from the gift tax. The Supreme Court has held that when unanimous action of the donees is necessary to such destruction then the interests of several donees are “future interests,” and the donor is not entitled to the exclusion under 26 U.S.C.A. § 1003(b). See Ryerson v. United States, 312 U.S. 405, 61 S.Ct. 656, 85 L.Ed. 917; United States v. Pelzer, 312 U.S. 399, 61 S.Ct. 659, 85 L.Ed. 913. The taxpayer contends 1 that unanimous consent was…