Froh v. Commissioner
United States Tax Court
Petitioner established trusts which provided that the net income less 15 percent be paid to the income beneficiaries for 10 years and 1 month at which time the trusts were to terminate and the principal was to be paid to petitioner or, if he was not living, to his appointees or, in default thereof, to his estate.
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Petitioner established trusts which provided that the net income less 15 percent be paid to the income beneficiaries for 10 years and 1 month at which time the trusts were to terminate and the principal was to be paid to petitioner or, if he was not living, to his appointees or, in default thereof, to his estate. The subject matter of the trusts was property containing gas reserves and a lease of the gas, i.e., a "wasting asset". The parties stipulated the fair market value of the property. Held, in view of the evidence that the gas reserves would be exhausted or reduced to a de minimis level…
1Opinion of the Court
Tannenwald, Judge:
Respondent determined a deficiency of $175,658 in petitioner’s gift tax for 1985. By amendment to answer, respondent asserted an increased deficiency of $483,418. The sole issue herein is the proper method for determining the value of the income interests in three short-term trusts established by petitioner.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found. The stipulation of facts and accompanying exhibits are incorporated herein by this reference.
Petitioner maintained his legal residence in Grimes, California, at the time he filed the petition. He…
2Cases cited6 opinions
- Weller v. CommissionerUnited States Tax Court · 1962
- Fred A. Berzon v. Commissioner of Internal Revenue, Gertrude Berzon v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1976
- Berzon v. CommissionerUnited States Tax Court · 1975
- Calder v. CommissionerUnited States Tax Court · 1985
- Alma M. O'Reilly v. Commissioner of Internal Revenue, Charles H. O'reilly, Sr. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1992
1 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Rosa Shackleford, Personal Representative of the Estate of Thomas J. Shackleford, Deceased v. United StatesCourt of Appeals for the Ninth Circuit · 2001
- Cook v. Commissioner of the Internal Revenue ServiceCourt of Appeals for the Fifth Circuit · 2003
- Estate of Gribauskas v. CommissionerUnited States Tax Court · 2001
- Estate of Paul C. Gribauskas, Deceased, Roy L. Gribauskas, Co-Executor, Carol Beauparlant, Co-Executor v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 2003
- Anthony v. United StatesCourt of Appeals for the Fifth Circuit · 2008
9 more not listed; retrieve them via the Exa API.