Sharp v. Commissioner
United States Tax Court
Petitioner created a trust, giving the income therefrom to her son for life. The trustee was to apply and pay over the trust income to the use and for the benefit of the son, with discretionary powers during his minority as to whom payment thereof would be made.
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Petitioner created a trust, giving the income therefrom to her son for life. The trustee was to apply and pay over the trust income to the use and for the benefit of the son, with discretionary powers during his minority as to whom payment thereof would be made. Upon the son's death the trust terminated, the corpus to be distributed as directed by the trust indenture except to any minor beneficiaries during their minority, as to whom broad discretionary powers were vested in the trustee. The value of the son's right to receive the trust income at the time of the gift was in excess of $ 5,000.…
1Opinion of the Court
opinion.
Arnold, Judge'.
This proceeding involves a gift tax deficiency of $750 for 1938. The issue is whether petitioner is entitled to a $5,000 exclusion under section 504 of the Revenue Act of 1932. We adopt as our findings of fact the facts admitted in the pleadings and stipulated by the parties.
Petitioner’s return for the period here involved was filed with the collector for the sixth district of California.
On September 20, 1938, petitioner executed an agreement between herself as donor and/or trustor and the Title Guarantee & Trust Co. of New York City, as trustee, for the benefit of…
2Cases cited5 opinions
- United States v. PelzerSupreme Court of the United States · 1941
- Helvering v. HutchingsSupreme Court of the United States · 1941
- Ryerson v. United StatesSupreme Court of the United States · 1941
- Hutchings v. CommissionerUnited States Tax Court · 1943
- Fondren v. CommissionerUnited States Tax Court · 1943
3Cited by13 opinions
- Rassas v. CommissionerUnited States Tax Court · 1951
- Briggs v. CommissionerUnited States Tax Court · 1960
- Goldstein v. CommissionerUnited States Tax Court · 1956
- Kelly v. CommissionerUnited States Tax Court · 1952
- Briggs v. CommissionerUnited States Tax Court · 1960
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