Zips v. Commissioner
United States Tax Court
1. Held, that petitioner Marie Zips is not entitled to exclude from her 1955 gross income, as "property acquired by gift" within the meaning of section 102(a) of the 1954 Code, substantial amounts of cash and securities which she received in said year from an individual who was then legally incompetent to make a valid gift; and held, further, that since Marie not only received said properties in 1955 but also held and used the same throughout said year as her individual…
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1. Held, that petitioner Marie Zips is not entitled to exclude from her 1955 gross income, as "property acquired by gift" within the meaning of section 102(a) of the 1954 Code, substantial amounts of cash and securities which she received in said year from an individual who was then legally incompetent to make a valid gift; and held, further, that since Marie not only received said properties in 1955 but also held and used the same throughout said year as her individual properties under her complete dominion and control, the value of such properties is includible in her gross income for said…
1Opinion of the Court
Pierce, Judge:
The respondent determined deficiencies in the income taxes of petitioners, for taxable calendar years and in amounts as follows:
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The cases were tried on a consolidated basis.
The issues for decision are:(1) Whether cash and securities of the value of approximately $169,661, which petitioner Marie Zips received in 1955 from an elderly and eccentric man called George, and which she thereafter held and used as her individual properties under her complete dominion and control, are exct/udible from her gross income for said year under section 102(a) of the 1954 Code, as…
2Cases cited18 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Corliss v. BowersSupreme Court of the United States · 1930
- James v. United StatesSupreme Court of the United States · 1961
13 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Estate of Sullivan v. CommissionerUnited States Tax Court · 1974
- Altman v. CommissionerUnited States Tax Court · 1972
- Estate of Bettin v. CommissionerUnited States Tax Court · 1974
- Felise v. Comm'rUnited States Tax Court · 1967
- LeBaron v. CommissionerUnited States Tax Court · 1990
2 more not listed; retrieve them via the Exa API.