Schayek v. Commissioner
United States Tax Court
1. The petitioner made a gift in 1953 by the transfer of $ 66,000 in cash to a trust. The initial commission of a trustee was $ 750. Held, the amount of the gift for gift tax purposes was the value of the property which passed from petitioner at the time of the transfer, $ 66,000, undiminished by the trustee's initial commission for receiving the trust property. 2. Held, the gifts of interests of the minor grandchildren of the petitioner in trust income are gifts of future…
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1. The petitioner made a gift in 1953 by the transfer of $ 66,000 in cash to a trust. The initial commission of a trustee was $ 750. Held, the amount of the gift for gift tax purposes was the value of the property which passed from petitioner at the time of the transfer, $ 66,000, undiminished by the trustee's initial commission for receiving the trust property. 2. Held, the gifts of interests of the minor grandchildren of the petitioner in trust income are gifts of future interests and no exclusions therefore are allowable under section 1003(b)(3). Held, further, that the gifts of interests…
1Opinion of the Court
OPINION.
Hakeon, Judge:
Issue 1. — The first question is whether the amount of petitioner’s gift to the trust was $66,000, or $65,250. The petitioner contends that the initial commission of the corporate trustee, $750, was not a gift and properly is to be excluded from the total amount of the property transferred to the trust. The respondent contends that the value of the amount of the property transferred by the donor as of the date of the transfer, namely $66,000, constitutes the amount of the gift, that the trustee’s commission of $750 was incident to the administration of the newly created…
2Cases cited21 opinions
- May v. HeinerSupreme Court of the United States · 1930
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Commissioner v. DisstonSupreme Court of the United States · 1945
- Stifel v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1952
- Commissioner of Internal Revenue v. BrandegeeCourt of Appeals for the First Circuit · 1941
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3Cited by6 opinions
- Van Den Wymelenberg v. United StatesDistrict Court, E.D. Wisconsin · 1967
- Powe v. CommissionerUnited States Tax Court · 1966
- Benton v. CommissionerUnited States Tax Court · 1968
- Klein v. CommissionerUnited States Tax Court · 1975
- Prejean v. CommissionerUnited States Tax Court · 1964
1 more not listed; retrieve them via the Exa API.