Hutchinson v. Commissioner
United States Tax Court
Petitioners made numerous gifts of stock to various donees, in accordance with an instrument designated "Agreement of Trust." The shares were registered in the names of the donees, subject only to a restriction against transfer for a 10-year period coupled with delivery of the certificates to a bank. Held, that, aside from the income interest, the restriction created a "future interest in property" for purposes of the annual gift tax exclusion. Sec. 2503(b), I.R.C. 1954.
1Opinion of the Court
Tannenwald, Judge:
Respondent determined deficiencies in gift tax for the years and in the amounts as follows:
Petitioner Deficiency Laura M. Hutchinson. Melvin J. Hutchinson. $26,523.92 2,853.27 26,523.92 2,853.27
The only issue is whether certain gifts were, in part, future interests within the meaning of section 2503.1
FINDINGS OF FACT
Some of the facts are stipulated and are found accordingly.
Melvin J. and Laura M. Hutchinson are husband and wife and had their legal residence in Alma, Mich., at the time of the filing of the petitions herein. Each filed gift tax returns for 1960 and 1961 with…
2Cases cited15 opinions
- United States v. PelzerSupreme Court of the United States · 1941
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Ryerson v. United StatesSupreme Court of the United States · 1941
- Morsman v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1937
- Fisher v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1942
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3Cited by13 opinions
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