Jackson v. Commissioner
United States Board of Tax Appeals
1. Where an alleged donor fails to establish a clear and unmistakable intention on his part to absolutely and irrevocably divest himself of title, dominion, and control of the subject matter of alleged gifts in praesenti and fails to establish an irrevocable transfer of the dominion and control of such gifts to alleged donees so that he can exercise no further act of dominion or control over it, there is no valid gift inter vivos. 2. In such a situation the transfer of…
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1. Where an alleged donor fails to establish a clear and unmistakable intention on his part to absolutely and irrevocably divest himself of title, dominion, and control of the subject matter of alleged gifts in praesenti and fails to establish an irrevocable transfer of the dominion and control of such gifts to alleged donees so that he can exercise no further act of dominion or control over it, there is no valid gift inter vivos. 2. In such a situation the transfer of corporate stock upon the books of a corporation and the issuance of new certificates in the names of such donees is…
1Opinion of the Court
*475OPINION.
McMahon:
We are asked by petitioners to hold that Maxwell made a valid and completed gift of certain stock to his nieces prior to the sale thereof, with the result that the profit realized on the sale was income of the donees and not income of the donor, Maxwell. The amount of profit realized from the sale is not in dispute, only *476the question of ownership of the profits. If the stock belonged to Maxwell at the date of sale, respondent’s determination is correct, but if Maxwell made a valid and completed gift of the stock prior to the sale thereof, so as to entirely divest himself of…
2Cases cited16 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Crooks v. HarrelsonSupreme Court of the United States · 1930
- Allen-West Commission Co. v. GrumblesCourt of Appeals for the Eighth Circuit · 1904
- Appeal of WalshSupreme Court of Pennsylvania · 1888
- McConville v. InghamSupreme Court of Pennsylvania · 1920
11 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Apt v. BirminghamDistrict Court, N.D. Iowa · 1950
- Helvering v. Rhodes' EstateCourt of Appeals for the Eighth Circuit · 1941
- Hesslein v. HoeyDistrict Court, S.D. New York · 1937
- Campbell v. CommissionerUnited States Tax Court · 1979
- Guaranty Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1937
5 more not listed; retrieve them via the Exa API.