Darling v. Commissioner
United States Tax Court
Charitable Deduction -- Remainder Interests. -- Petitioners conveyed to a private trustee remainder interests in improved real property, retaining unto themselves for their lives the right to all the rents, issues, and profits therefrom and the right to occupation, possession, and control thereof, together with the discretion to determine whether the property should be disposed of by sale or exchange and the terms thereof and, also, discretion as to reinvestment of the…
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Charitable Deduction -- Remainder Interests. -- Petitioners conveyed to a private trustee remainder interests in improved real property, retaining unto themselves for their lives the right to all the rents, issues, and profits therefrom and the right to occupation, possession, and control thereof, together with the discretion to determine whether the property should be disposed of by sale or exchange and the terms thereof and, also, discretion as to reinvestment of the proceeds of any sale in either real or personal property. Held, that because of the powers retained by the donor-petitioners,…
1Opinion of the Court
Hott, Judge:
Respondent determined income tax deficiencies against petitioners for the calendar years and in the amounts of $533.18 for 1957, $858.67 for 1958, and $1,672.95 for 1959. Petitioners allege that such amounts, together with any overpayments which may be found in this proceeding, are in issue.
Several issues have been disposed of by stipulations of the parties, both written and oral at the trial, and by concession on briefs, which will be given effect in the recomputation under Rule 50.
There remains for decision herein one broad issue applicable to all 3 taxable years involved,…
2Cases cited15 opinions
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Marie H. Hamm v. Commissioner of Internal Revenue, William Hamm, Jr. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1963
- United States v. MichelSupreme Court of the United States · 1931
- Smith v. ShaughnessySupreme Court of the United States · 1943
- Commissioner v. Estate of SternbergerSupreme Court of the United States · 1955
10 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- O'Brien v. CommissionerUnited States Tax Court · 1966
- Buehner v. CommissionerUnited States Tax Court · 1976
- Tully v. CommissionerUnited States Tax Court · 1967
- Seder v. CommissionerUnited States Tax Court · 1973
- James v. CommissionerUnited States Tax Court · 1974
9 more not listed; retrieve them via the Exa API.