Lockard v. Commissioner
United States Tax Court
In 1938 the petitioner created a trust under the terms of which the net income was payable to her husband for a period of six years. At the expiration of that time, or in the event of the husband's earlier death, the property was to be returned to the petitioner.
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In 1938 the petitioner created a trust under the terms of which the net income was payable to her husband for a period of six years. At the expiration of that time, or in the event of the husband's earlier death, the property was to be returned to the petitioner. On December 31, 1941, the petitioner executed a new agreement by which she gave the income from the trust to her husband for his life and gave the trustee power to pay over to her husband up to $ 3,000 per year from principal if it became, in the trustee's discretion, necessary for his comfort and support. Upon termination of the…
1Opinion of the Court
OPINION.
ARundell, Judge:
Initially, the controversy here is whether for gift tax purposes the transfers in trust in 1938 and 1939 were completed gifts, in view of the fact that the income of the trust for the years 1938 to 1941, inclusive, has been taxed to the petitioner as grantor under section 22 (a) of the Internal Revenue Code and the rule of Helvering v. Clifford, 309 U. S. 331. Petitioner contends that they were not. However, since the instant case was submitted and the briefs were filed, this Court has passed upon an almost identical question in James A. Hogle, 7 T. C. 986. We there…
2Cases cited5 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Smith v. ShaughnessySupreme Court of the United States · 1943
- Robinette v. HelveringSupreme Court of the United States · 1943
- Hogle v. CommissionerUnited States Tax Court · 1946
- Griswold v. CommissionerUnited States Tax Court · 1944
3Cited by13 opinions
- Lockard v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1948
- Kniep v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1949
- Henson v. CommissionerUnited States Tax Court · 1948
- Ingalls v. CommissionerUnited States Tax Court · 1963
- Goldstein v. CommissionerUnited States Tax Court · 1962
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