George M. Street, M. D. v. Commissioner of Internal Revenue

The sole question for decision is whether certain gifts in trust of corporate stock made by the Taxpayer-Settlor in 1952 under six identical trusts for the benefit of six of his grandchildren were gifts of future interests or gifts of present interests for purposes of the annual $3,000 exclusion under Section 1003(b) of the Internal Revenue Code of 1939, 26 U.S.C.A. Int.Rev.Code (1939) § 1003(b).

For the reasons pointed out by the Tax Court in its opinion, 29 T.C. 428, we agree that the trust instruments 1 as there correctly construed created future, not present, interests and that the cases…