Jewett v. Commissioner
United States Tax Court
T held a 50-percent remainder interest in a testamentary trust established under the will of his grandmother, who died in 1939. T reached the age of majority in 1948. In 1972, when the surviving life tenant of the trust was 72 years old, T executed disclaimers of portions of his remainder interest which were unequivocal and effective under Massachusetts law. Held, the disclaimers were not made within a reasonable time as required by sec. 25.2511-1(c), Gift Tax Regs.
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T held a 50-percent remainder interest in a testamentary trust established under the will of his grandmother, who died in 1939. T reached the age of majority in 1948. In 1972, when the surviving life tenant of the trust was 72 years old, T executed disclaimers of portions of his remainder interest which were unequivocal and effective under Massachusetts law. Held, the disclaimers were not made within a reasonable time as required by sec. 25.2511-1(c), Gift Tax Regs. Keinath v. Commissioner, 58 T.C. 352, reversed 480 F.2d 57 (8th Cir.), followed.
1Opinion of the Court
OPINION
Raum, Judge:
The Commissioner determined the following deficiencies in petitioners’ Federal gift tax:
Calendar quarter
Petition/7,r ending Deficiency
George F. Jewett, Jr.Sept. 30, 1972 $398,065.39
George F. Jewett, Jr.Dec. 31, 1972 23,288.48
Lucille M. Jewett .Sept. 30, 1972 310,613.94
Lucille M. Jewett .Dec. 31, 1972 19,363.06
The only issue presented is whether George F. Jewett, Jr., made taxable gifts when he executed disclaimers of portions of his remainder interest in a certain testamentary trust.
Petitioners George F. Jewett, Jr., and Lucille M. Jewett, husband and wife, resided in Ross,…
2Cases cited22 opinions
- Helvering v. HallockSupreme Court of the United States · 1940
- Knetsch v. United StatesSupreme Court of the United States · 1960
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Helvering v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
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3Cited by15 opinions
- Jewett v. CommissionerSupreme Court of the United States · 1982
- McDonald v. CommissionerUnited States Tax Court · 1987
- Cottrell v. CommissionerUnited States Tax Court · 1979
- Estate of Halbach v. CommissionerUnited States Tax Court · 1978
- Griswold v. CommissionerUnited States Tax Court · 1983
10 more not listed; retrieve them via the Exa API.