Roderick v. Commissioner
United States Tax Court
Held, petitioners are not entitled to annual gift tax exclusions for 1965 and 1966 under sec. 2503(b), I.R.C. 1954, because the trustee of the trusts to which the inter vivos transfers were made had discretion to accumulate or distribute the income; the Court does not have jurisdiction to render an advisory opinion on the possible effect of a State court decree retroactively reforming the trust instrument.
1Opinion of the Court
FeatheRSton, Judge:
Respondent determined deficiencies in the Federal gift taxes of each petitioner for the calendar years 1965 and 1966 in the amounts of $5,400 and $5,499.65, respectively. Respondent has made concessions, and the only issue for decision is whether transfers made in 1965 and 1966 to trusts created for the benefit of petitioners’ grandchildren were gifts of future interests or gifts of present interests within the meaning of section 2503(b) ;1 resolution of this issue controls the determination of whether the gifts qualify for the $3,000 per donee annual exclusion allowed by…
2Cases cited19 opinions
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Commissioner of Internal Revenue v. ProcterCourt of Appeals for the Fourth Circuit · 1944
- Arnold Van Den Wymelenberg, as of the Estate of Eleanor Van Den Wymelenberg, and Arnold Van Den Wymelenberg v. United StatesCourt of Appeals for the Seventh Circuit · 1968
- Will Flitcroft and Agnes D. Flitcroft v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1964
14 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Clapp v. CommissionerCourt of Appeals for the Ninth Circuit · 1989
- Fono v. CommissionerUnited States Tax Court · 1982
- Graham v. CommissionerUnited States Tax Court · 1984
- Clapp v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1989
- Consolidated Cable, Ltd. v. CommissionerUnited States Tax Court · 1990
8 more not listed; retrieve them via the Exa API.