Heidrich v. Commissioner
United States Tax Court
Petitioners established and periodically funded certain substantially identical trusts for their minor children and grandchildren. Under the terms of the trusts there were no "substantial restrictions" on the exercise of the trustees' discretion during minority. Sec. 25.2503-4(b)(1), Gift Tax Regs.
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Petitioners established and periodically funded certain substantially identical trusts for their minor children and grandchildren. Under the terms of the trusts there were no "substantial restrictions" on the exercise of the trustees' discretion during minority. Sec. 25.2503-4(b)(1), Gift Tax Regs. The trusts' terms also provided that upon attaining the age of 21 and at all times thereafter, the beneficiary of each trust would have a continuing right to make a demand on the trustees for the unexpended trust funds. Held, by virtue of sec. 2503(c), I.R.C. 1954, petitioners' transfers to the…
1Opinion of the Court
ForresteR, Judge:
In these consolidated proceedings respondent has determined deficiencies in petitioners’ gift tax and additions to that tax under sections 6651(a), 6653(a), and 6653(b) of the Internal Revenue Code of 19542 as follows:
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The parties have settled many of the originally disputed issues. The only question remaining for our decision is whether petitioners’ gifts to trusts established for their minor children and grandchildren were other than future interests in property so as to entitle petitioners to the yearly $3,000 per-donee exclusion from taxable gifts allowed by…
2Cases cited19 opinions
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Commissioner v. DisstonSupreme Court of the United States · 1945
- Shukert v. AllenSupreme Court of the United States · 1927
- Jennings v. SmithCourt of Appeals for the Second Circuit · 1947
- Kieckhefer v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1951
14 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Estate of Cristofani v. CommissionerUnited States Tax Court · 1991
- Estate of Mackie v. CommissionerUnited States Tax Court · 1975
- Estate of Cutter v. CommissionerUnited States Tax Court · 1974
- Estate of Tompkins v. CommissionerUnited States Tax Court · 1977
- Craig v. CommissionerUnited States Tax Court · 1971
8 more not listed; retrieve them via the Exa API.