Estate of Gagliardi v. Commissioner
United States Tax Court
Through his son as agent, decedent issued checks, representing gifts, to his children. Also through his son, decedent ordered a broker to transfer funds as gifts to his children. Held, a valid agency was created so that funds represented by a check drawn on decedent's account and cashed before decedent's death are not includable in the gross estate.
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Through his son as agent, decedent issued checks, representing gifts, to his children. Also through his son, decedent ordered a broker to transfer funds as gifts to his children. Held, a valid agency was created so that funds represented by a check drawn on decedent's account and cashed before decedent's death are not includable in the gross estate. Held, further, the funds represented by checks written on decedent's bank account and not paid until after his death, are so includable. Secs. 2031, 2033, I.R.C., 1954. Estate of Belcher v. Commissioner, 83 T.C. 227 (1984), distinguished. Held,…
1Opinion of the Court
TANNENWALD, Judge:
Respondent determined a deficiency in petitioner’s Federal estate tax of $20,264.10. After concessions by petitioner, the issues for decision are: (1) Whether funds in decedent’s bank account against which checks, representing gifts, were written before decedent’s death and paid both before and after are includable in the gross estate; and (2) whether other gifts, made through a brokerage account, were completed so as to remove the funds from the estate. The parties have agreed that a third issue, the valuation of certain Flower Bonds in decedent’s estate, will depend on the…
2Cases cited18 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Spiegel v. CommissionerUnited States Tax Court · 1949
- Rynier EstateSupreme Court of Pennsylvania · 1943
- Fiore v. FioreSupreme Court of Pennsylvania · 1961
- Mott v. KaldesSupreme Court of Pennsylvania · 1926
13 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Estate of Elizabeth C. Dillingham, Deceased, Dan L. Dillingham and Tom B. Dillingham, Co-Executors v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1990
- Russ Ex Rel. Schwartz v. RussWisconsin Supreme Court · 2007
- Estate of Metzger v. CommissionerUnited States Tax Court · 1993
- Estate of Newman v. CommissionerUnited States Tax Court · 1998
- Estate of Bronston v. CommissionerUnited States Tax Court · 1988
13 more not listed; retrieve them via the Exa API.