Asher v. Cory

Opinion

GRODIN, J.

The question presented by this appeal is whether the transfer of assets to a trustee for a specific term, under directions to pay *522net income to designated beneficiaries, and with discretion to distribute up to one-half of the corpus to the beneficiaries for stated purposes, constitutes a “transfer by gift of ... property” within the meaning of Revenue and Taxation Code section 15201. The trial court held that it does, the taxpayer has appealed, we affirm.

Factual and Procedural Background

The facts of the case are not in dispute. On July 17, 1978, Charlene Asher, as settlor,…