Childers v. Commissioner
United States Tax Court
1. Held, that by relinquishment of exclusive dominion and control and power of recapture for her own benefit and purposes, a donor, on January 10, 1936, made taxable gifts of the entire trust estate, including the shares given to the trust by two beneficiaries, and accumulated trust income. 2. Held, further, donor is not entitled to the benefits of section 501 (c) of the Revenue Act of 1932 as amended. 3. Held, further, the gifts made were gifts of future interests and donor…
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1. Held, that by relinquishment of exclusive dominion and control and power of recapture for her own benefit and purposes, a donor, on January 10, 1936, made taxable gifts of the entire trust estate, including the shares given to the trust by two beneficiaries, and accumulated trust income. 2. Held, further, donor is not entitled to the benefits of section 501 (c) of the Revenue Act of 1932 as amended. 3. Held, further, the gifts made were gifts of future interests and donor is not entitled to five exclusions of $ 5,000 each.
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The question to be determined is whether Ethel K. Childers, by the amendment on January 10, 1936, of the trust indenture of May 16,1932, made a taxable gift of the entire trust estate.
The petitioners admit that the powers retained by the donor prior to January 10, 1936, subjected her to liability for income tax on the trust income, as determined in Ethel K. Childers, 39 B. T. A. 904; affirmed sub nom. Cox v. Commissioner (C. C. A., 10th Cir.), 110 Fed. (2d) 934; certiorari denied, 311 U. S. 667. They likewise admit that under the doctrine of Sanford’s Estate v.…
2Cases cited12 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Smith v. ShaughnessySupreme Court of the United States · 1943
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Commissioner v. DisstonSupreme Court of the United States · 1945
7 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Childers v. CommissionerUnited States Tax Court · 1948