Faulkner v. Commissioner
United States Board of Tax Appeals
1. A gift in trust to an unborn child is a valid gift of a present as distinguished from a future interest in respect of which the donor is entitled to the statutory exclusion of $5,000. 2. Petitioner and others transferred in trust by a single trust conveyance their interests in certain life insurance policies on the life of petitioner's father for the benefit of petitioner's two brothers and a sister.
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1. A gift in trust to an unborn child is a valid gift of a present as distinguished from a future interest in respect of which the donor is entitled to the statutory exclusion of $5,000. 2. Petitioner and others transferred in trust by a single trust conveyance their interests in certain life insurance policies on the life of petitioner's father for the benefit of petitioner's two brothers and a sister. Held, that in respect of the gifts of her interest in the policies petitioner is entitled to three exclusions of $5,000 each. 3. A contribution to the Birth Control League of Massachusetts is…
1Opinion of the Court
MARY DUPONT FAULKNER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Faulkner v. Commissioner
Docket No. 92815.
United States Board of Tax Appeals
41 B.T.A. 875; 1940 BTA LEXIS 1127;
April 18, 1940, Promulgated
1. A gift in trust to an unborn child is a valid gift of a present as distinguished from a future interest in respect of which the donor is entitled to the statutory exclusion of $5,000.
2. Petitioner and others transferred in trust by a single trust conveyance their interests in certain life insurance policies on the life of petitioner's father for the benefit of petitioner's…
2Cases cited13 opinions
- People v. . PowersNew York Court of Appeals · 1895
- Marsellis v. ThalhimerNew York Court of Chancery · 1830
- Cooper v. HeathertonAppellate Division of the Supreme Court of the State of New York · 1901
- Easton Tractor & Equipment Co. v. CommissionerUnited States Board of Tax Appeals · 1936
- Folk v. HughesSupreme Court of South Carolina · 1915
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