Commissioner of Internal Revenue v. Kempner

McCORD, Circuit Judge.

The petition for review involves gift tax for the years 1935 and 1936. The facts were stipulated, and in deciding the only question presented to it, the Board of Tax Appeals held that in computing the trust donor’s gift tax liability for the years in question he should be allowed an exclusion not exceeding $5,000 for each beneficiary under § 504(b) of the Revenue Act of 1932, 47 Stat. 169, 26 U.S.C.A.Int.Rev.Acts, page 585.

After entry of the Board’s decision, the Supreme Court decided Helvering v. Hutchings, 312 U.S. 393, 61 S.Ct. 653, 85 L. Ed. 909; United States v.…