Era Davis Harris v. Commissioner of Internal Revenue, Fay Davis Clarke v. Commissioner of Internal Revenue

GODBOLD, Circuit Judge:

Taxpayers appeal from the Tax Court’s affirmance of the Commissioner’s disallowance of gift tax exclusions claimed for gifts of interest in property made in 1965 to six minor beneficiaries. We affirm.

On the evening of December 31, 1965 appellants executed written instruments creating trusts for the benefit of the six related minors and transferring property to the trusts. Each instrument was identical except for the names of trustee and beneficiary, and provided in part:

The Trustee shall distribute the corpus and undistributed income of the trust to the beneficiary when…