Schmidt v. Commissioner
United States Tax Court
The decedent received gifts in each year, 1946 and 1947, from his wife. The value of the 1946 gifts was less than the statutory exemption of $ 30,000 allowed the donor (sec. 1004, I. R. C.), and the donor reported no amount of "net gifts" for 1946 upon offsetting the exemption against the total amount of gifts.
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The decedent received gifts in each year, 1946 and 1947, from his wife. The value of the 1946 gifts was less than the statutory exemption of $ 30,000 allowed the donor (sec. 1004, I. R. C.), and the donor reported no amount of "net gifts" for 1946 upon offsetting the exemption against the total amount of gifts. The donor reported an amount of "net gifts" for 1947 over and above the balance of the allowable exemption, and paid gift tax on the gift made in 1947, but in computing gift tax for 1947 there was no amount carried over to 1947 for "net gifts" made in preceding years. Held, that the…
1Opinion of the Court
Estate of Arthur A. Schmidt, Deceased, Marjorie Mosher Schmidt, Executrix, Petitioner, v. Commissioner of Internal Revenue, Respondent
Schmidt v. Commissioner
Docket No. 26186
United States Tax Court
19 T.C. 54; 1952 U.S. Tax Ct. LEXIS 71;
October 20, 1952, Promulgated
Decision will be entered under Rule 50.
The decedent received gifts in each year, 1946 and 1947, from his wife. The value of the 1946 gifts was less than the statutory exemption of $ 30,000 allowed the donor (sec. 1004, I. R. C.), and the donor reported no amount of "net gifts" for 1946 upon offsetting the exemption against the total…
Also in this document: Dissent.
2Cases cited4 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Parrott v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1929
- In re the Estate of JohansonWashington Supreme Court · 1951
- Schmidt v. CommissionerUnited States Tax Court · 1952