Roberts v. Commissioner
United States Tax Court
Petitioner in 1938 made gifts to her three grandsons of certain guaranteed annuity policies and paid the annual premiums due thereon. In 1939, 1940, and 1941 petitioner paid the premiums on such policies and returned the amounts thereof in her gift tax returns for those years.
Read the full summary
Petitioner in 1938 made gifts to her three grandsons of certain guaranteed annuity policies and paid the annual premiums due thereon. In 1939, 1940, and 1941 petitioner paid the premiums on such policies and returned the amounts thereof in her gift tax returns for those years. In her gift tax returns filed for each of the taxable years petitioner treated the gifts of the annuity premiums as gifts of present interests in property and took the full amount of the exclusions provided by section 1003 (b), Internal Revenue Code. Held, that because of certain restrictive provisions in the annuity…
1Opinion of the Court
OPINION.
Black, Judge:
In this proceeding there is no issue as to the amounts of the gifts which petitioner made in the taxable years 1939,1940, and 1941. The only issue is as to whether the gifts which petitioner made in the respective taxable years of payments of premiums on certain annuity policies described in our findings of fact were gifts of future interests, as respondent has determined in his deficiency notice, or were gifts of present interests, as the petitioner here contends. This issue also extends to the year 1938, but not because the Commissioner contends for any change in…
2Cases cited2 opinions
- Bolton v. CommissionerUnited States Tax Court · 1943
- Perkins v. CommissionerUnited States Tax Court · 1943
3Cited by2 opinions
- Commissioner v. DisstonSupreme Court of the United States · 1945
- Roberts v. CommissionerUnited States Tax Court · 1943