Gardner Trust v. Commissioner
United States Tax Court
Robert B. Gardner transferred certain stock in trust to petitioner for benefit of his wife on December 29, 1921. The stock in question was sold at a gain in 1943, and the issue presented pertains to the basis of the stock. Respondent determined that the December 29, 1921, transfer was a voluntary gift so that petitioner takes the substituted basis of the transferor, Robert B. Gardner.
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Robert B. Gardner transferred certain stock in trust to petitioner for benefit of his wife on December 29, 1921. The stock in question was sold at a gain in 1943, and the issue presented pertains to the basis of the stock. Respondent determined that the December 29, 1921, transfer was a voluntary gift so that petitioner takes the substituted basis of the transferor, Robert B. Gardner. Petitioner contends that the transfer was in consideration of the wife's release of marital rights and takes the basis of its agreed value at the time of the transfer in trust. Held, the transfer in trust was…
1Opinion of the Court
Edna W. Gardner Trust, The Third National Bank and Trust Company, Trustee, Petitioner, v. Commissioner of Internal Revenue, Respondent
Gardner Trust v. Commissioner
Docket No. 31739
United States Tax Court
20 T.C. 885; 1953 U.S. Tax Ct. LEXIS 81;
August 6, 1953, Promulgated
Decision will be entered for the petitioner.
Robert B. Gardner transferred certain stock in trust to petitioner for benefit of his wife on December 29, 1921. The stock in question was sold at a gain in 1943, and the issue presented pertains to the basis of the stock. Respondent determined that the December 29, 1921, transfer was…
2Cases cited4 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Helvering v. F. & R. Lazarus & Co.Supreme Court of the United States · 1939
- Taurog v. CommissionerUnited States Tax Court · 1948
- Gardner Trust v. CommissionerUnited States Tax Court · 1953