Du Pont v. Commissioner
United States Tax Court
1. Renunciation of right reserved in trust instrument to designate beneficiary to take after death of life tenant, held, to subject the remainder interest to gift tax.
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1. Renunciation of right reserved in trust instrument to designate beneficiary to take after death of life tenant, held, to subject the remainder interest to gift tax. Sanford's Estate v. Commissioner, 308 U.S. 39, followed. 2. Provisions of Revenue Act of 1942, section 452, covering the exercise or release of powers of appointment, and their limitation to releases subsequent to 1942, held, not applicable to powers retained by the donor of the original gift. 3. Value of a block consisting of a large number of shares, held, on evidence to be at variance with the market prices per share on the…
1Opinion of the Court
OPINION.
Oppee, Judge:
The deficiency in gift tax determined against petitioner is resisted on two principal grounds: (1) that no taxable gift took place, and (2) that the respondent’s valuation was excessive. The disputed taxable event was the relinquishment by petitioner of a retained power to designate among specified beneficiaries who should be entitled to receive the remainder interest upon the death of the life tenant. The issue is the imposition of a gift tax upon the value of the remainder, no question as to the life estate being involved.
The principle of Sanford’s Estate v.…
2Cases cited10 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Helvering v. ButterworthSupreme Court of the United States · 1933
- Porter v. CommissionerSupreme Court of the United States · 1933
- Helvering v. Le GierseSupreme Court of the United States · 1941
5 more not listed; retrieve them via the Exa API.
3Cited by35 opinions
- McMurtry v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1953
- Rose Gelb, Victor Edwin Gelb, Manufacturers Trust Company, Executors, of the Estate of Harry Gelb v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- Bartman v. CommissionerUnited States Tax Court · 1948
- Flora L. Champion, Individually and as Independent of the Estate of Frank Champion, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1962
- Affelder v. CommissionerUnited States Tax Court · 1946
30 more not listed; retrieve them via the Exa API.