Kelly v. Commissioner
United States Tax Court
Gifts of trust income required to be paid to their guardians for the education, maintenance and support of minor beneficiaries held not gifts of future interests so as to eliminate permitted exclusions under section 1003, Internal Revenue Code. Madeleine N. Sharp, 3 T.C. 1062, affd. (C. A. 9) 153 F.2d 163, followed.
1Opinion of the Court
OPINION.
Opper, Judge:
A deficiency in gift tax of $1,483.56 for the year 1947 is in controversy. As originally presented, the case involved the applicability of the exclusion provision of Internal Revenue Code section 1003 (b) (3) to two sets of gifts on the ground that they constituted future interests. All of the facts were stipulated and are hereby found accordingly.
The gift tax return for 1947 was filed with the collector of internal revenue for the second New York district. The essential facts are summarized as follows in petitioner’s brief:
In December, 1947, the petitioner, Edward J.…
2Cases cited3 opinions
- Fisher v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1942
- Commissioner of Internal Revenue v. SharpCourt of Appeals for the Ninth Circuit · 1946
- Sharp v. CommissionerUnited States Tax Court · 1944
3Cited by1 opinion
- Kelly v. CommissionerUnited States Tax Court · 1952