Weller v. Commissioner
United States Tax Court
1. Value of gifts of the right to receive income from a 34-percent interest in a partnership in trust for a period of 10 years and 90 days, the entire principal of the trusts to revert to the settlors on termination of the trusts, determined under section 25,2512-5(c), Gift Tax Regs. 2. Sale by Carl of a 2-percent interest in partnership to Beyer, an unrelated person, for less than the stipulated fair market value of the interest did not constitute a taxable gift by Carl to…
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1. Value of gifts of the right to receive income from a 34-percent interest in a partnership in trust for a period of 10 years and 90 days, the entire principal of the trusts to revert to the settlors on termination of the trusts, determined under section 25,2512-5(c), Gift Tax Regs. 2. Sale by Carl of a 2-percent interest in partnership to Beyer, an unrelated person, for less than the stipulated fair market value of the interest did not constitute a taxable gift by Carl to Beyer, 3. Gifts in trust to minor children held to qualify for the annual exclusion under section 2503(c), I.R.C. 1954.
1Opinion of the Court
Drennen, Judge:
In these consolidated proceedings, respondent determined deficiencies in gift tax dne from petitioner Carl E. Weller (hereafter called Carl) and from petitioner Emily I. Weller (hereafter called Emily) for the year 1955 in the respective amounts of $80,680.17 and $72,481.88.
The issues for decision are:(1) The value of interests in a limited partnership, Weller Manufacturing Company, transferred by petitioners in 1955 in trust for the benefit of seven donees;(2) Whether Carl made a taxable gift in 1955 by reason of the sale of a 2-percent interest in Weller Manufacturing Company…
2Cases cited17 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Commissioner v. DisstonSupreme Court of the United States · 1945
- McMurtry v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1953
- Huntington Nat'l Bank v. CommissionerUnited States Tax Court · 1949
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3Cited by57 opinions
- Harwood v. CommissionerUnited States Tax Court · 1984
- Harris v. CommissionerUnited States Tax Court · 1974
- Rosa Shackleford, Personal Representative of the Estate of Thomas J. Shackleford, Deceased v. United StatesCourt of Appeals for the Ninth Circuit · 2001
- Cook v. Commissioner of the Internal Revenue ServiceCourt of Appeals for the Fifth Circuit · 2003
- Estate of Gribauskas v. CommissionerUnited States Tax Court · 2001
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