Camp v. Commissioner
United States Tax Court
1. Gift Tax -- Transfer in Trust. -- Where a transfer in trust in 1932 was made with a reserved power in the grantor to revoke in whole or in part in conjunction with a contingent remainderman who agreed to comply with grantor's wishes as to subsequent changes, held not a completed gift of the entire trust property. 2. Where by amendment on December 11, 1937, the grantor's wife, who as the present income beneficiary had a substantial adverse interest, was substituted as the…
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1. Gift Tax -- Transfer in Trust. -- Where a transfer in trust in 1932 was made with a reserved power in the grantor to revoke in whole or in part in conjunction with a contingent remainderman who agreed to comply with grantor's wishes as to subsequent changes, held not a completed gift of the entire trust property. 2. Where by amendment on December 11, 1937, the grantor's wife, who as the present income beneficiary had a substantial adverse interest, was substituted as the only person in conjunction with whom petitioner could thereafter revoke the trust, held, a completed gift of the entire…
1Opinion of the Court
OPINION.
Tietjens, Judge:
This proceeding involves petitioner’s gift tax liability for the year 1937, under section 501 of the Revenue Act of 1932,1 and the year 1943, under section 1000 of the Internal Revenue Code.2 The primary issues relate to the year 1937 but also have a bearing upon the year 1943 in determining net gifts for prior years.
The petitioner’s primary contention is that respondent erred in failing to determine that the transfer in trust on February 1, 1932, constituted a completed gift of the entire trust property because the grantor’s reserved power of revocation was restricted…
2Cases cited6 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Smith v. ShaughnessySupreme Court of the United States · 1943
- Gillette v. CommissionerUnited States Tax Court · 1946
1 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Estate of Holtz v. CommissionerUnited States Tax Court · 1962
- Goldstein v. CommissionerUnited States Tax Court · 1962
- Camp v. CommissionerUnited States Tax Court · 1950
- Estate of Holtz v. CommissionerUnited States Tax Court · 1962
- Goldstein v. CommissionerUnited States Tax Court · 1962