Miller v. Commissioner
United States Tax Court
1. In 1935 and 1936 petitioner and his parents gave to petitioner's minor son 12,500 shares of X corporation stock. Certificates representing this stock were issued by X in the name of petitioner's son, but were not delivered because X would deliver the stock only to the minor's legal guardian. In 1938 petitioner was appointed such guardian and stock certificates were issued and delivered to him as guardian.
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1. In 1935 and 1936 petitioner and his parents gave to petitioner's minor son 12,500 shares of X corporation stock. Certificates representing this stock were issued by X in the name of petitioner's son, but were not delivered because X would deliver the stock only to the minor's legal guardian. In 1938 petitioner was appointed such guardian and stock certificates were issued and delivered to him as guardian. In the same year petitioner and his wife, in anticipation of a divorce, executed an agreement in which petitioner agreed to pay $ 5,000 a year out of the income from this stock to his…
1Opinion of the Court
OPINION.
Kern, Judge:
With respect to the first issue, it is our opinion that the evidence here establishes the existence of every element of a valid, legal gift of the Frankfprt Distilleries stock to the minor son of petitioner. With that fact clearly established, it becomes apparent that thereafter the income from the property which was the subject of the gift was the income of the donee, and not that of the petitioner. We find no evidence of any intention on the piart of this petitioner to create a trust in 1938, or at any time, involving the stock or the income therefrom. But, in view of…
2Cases cited6 opinions
- Helvering v. StuartSupreme Court of the United States · 1942
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Helvering v. FitchSupreme Court of the United States · 1940
- Helvering v. LeonardSupreme Court of the United States · 1940
- Helvering v. FullerSupreme Court of the United States · 1940
1 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Estate of Jack F. Chrysler, Edith B. Carr, John W. Drye, Jr. And Manufacturers Hanover Trust Company, Executors v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1966
- Herberts v. CommissionerUnited States Tax Court · 1948
- Herberts v. CommissionerUnited States Tax Court · 1948
- Miller v. CommissionerUnited States Tax Court · 1943
- Sharon v. CommissionerUnited States Tax Court · 1989