Estate of Sulovich v. Commissioner
United States Tax Court
In 1959 decedent created five separate savings accounts in his name as trustee for his niece and each of her four children. Decedent never withdrew any money from the accounts and in 1965 he transferred the passbooks representing the trust accounts to his niece.
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In 1959 decedent created five separate savings accounts in his name as trustee for his niece and each of her four children. Decedent never withdrew any money from the accounts and in 1965 he transferred the passbooks representing the trust accounts to his niece. Held, decedent intended to and did make valid inter vivos gifts of the trust accounts at the time he delivered the passbooks and they are, therefore, not includable in decedent's gross estate under either sec. 2038 or sec. 2036. Estate of Michael A. Doyle, 32 T.C. 1209 (1959), distinguished.
1Opinion of the Court
Wilbur, Judge:
Respondent determined a deficiency in Federal estate tax due from the Estate of Semo A. Sulovich in the amount of $27,145.16. The sole issue for decision is whether the value of five separate savings accounts established by the decedent in his name as trustee for others is includable in his estate under either section 2038 or 2036.1
FINDINGS OF FACT
Some of the facts have been stipulated and are found accordingly.
The petitioner is the Estate of Semo A. Sulovich, deceased, Helen Unkovich, executrix. The residence of the executrix at the time the petition was filed was Glennie,…
2Cases cited22 opinions
- In Re the Accounting of TottenNew York Court of Appeals · 1904
- Fleck v. BaldwinTexas Supreme Court · 1943
- Lord v. New York Life Insurance Co.Texas Supreme Court · 1902
- Land v. MarshallTexas Supreme Court · 1968
- Wells v. SansingTexas Supreme Court · 1952
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3Cited by2 opinions
- Estate of Semo A. Sulovich, Deceased, Helen Unkovich v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1978
- Estate of Sulovich v. CommissionerUnited States Tax Court · 1976