Evans v. Commissioner
United States Tax Court
Gift Tax -- Exclusions -- Not allowable where present interest in income of trust is incapable of valuation because trust agreement permitted total exhaustion of trust corpus. William Harry Kniep, 9 T.C. 943, affd. 172 F.2d 755, followed.
1Opinion of the Court
OPINION.
Tietjens, Judge:
In our opinion the primary issue in this case, whether petitioner is entitled to any exclusion1 other than the $1,000 allowed for 1945 in computing the value of her net gifts by reason of the gifts made in 1945 and 1946 to the trusts, is governed by William Harry Kniep, 9 T. C. 943, affd. 172 F. 2d 755, as contended by respondent.
That case involved a trust for the benefit of petitioner’s five nephews and nieces and a relative of his wife. Each beneficiary was entitled to income from the trust until each reached the age of 60. The trustee, however, was authorized to…
2Cases cited2 opinions
- Kniep v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1949
- Kniep v. CommissionerUnited States Tax Court · 1947
3Cited by25 opinions
- Brody v. CommissionerUnited States Tax Court · 1952
- Jones v. CommissionerUnited States Tax Court · 1957
- Pettus v. CommissionerUnited States Tax Court · 1970
- Newlin v. CommissionerUnited States Tax Court · 1958
- Schayek v. CommissionerUnited States Tax Court · 1960
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