Miller v. Commissioner
United States Tax Court
Held, on the facts, that gifts of cash and securities to three minors by their grandfathers were outright and not in trust, and the income from the gift properties is the individual income of the minors, to whom it is properly taxable.
1Opinion of the Court
OPINION.
átíundell, Judge:
Whether the gifts in question were in trust is important here because of the fact that, if the income is trust income, each trust is entitled to an exemption of only $100, whereas, if it is the individual income of the children, each child is entitled to a personal exemption of $750 and the earned income credit. Petitioners contend that no trusts were intended or created and that the income in question was the individual income of the children. We agree.
From 1930 through 1939 Stimson’s gifts of securities to his granddaughters were issued to their individual names.…
2Cited by21 opinions
- Messing v. CommissionerUnited States Tax Court · 1967
- Western Products Co. v. CommissionerUnited States Tax Court · 1957
- Hutchinson v. CommissionerUnited States Tax Court · 1967
- Anastasio v. CommissionerUnited States Tax Court · 1977
- Estate of Applestein v. CommissionerUnited States Tax Court · 1983
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