Hutchings v. Commissioner
United States Board of Tax Appeals
Petitioner, as donor, created an irrevocable trust for a term of years, to which she transferred her entire interest in certain described properties for the use and benefit of her seven children. Held, petitioner is entitled to one exclusion of $5,000 in determining the amount of her gift subject to the gift tax.
1Opinion of the Court
*28OPINION.
ARnold:
Section 501 (a) of the Revenue Act of 1932 imposes a tax upon the transfer by any individual, resident or nonresident, of property by gift. Section 501 (b) of that act provides that the *29tax shall apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect, and whether the property is real or personal, tangible or intangible. Section 504 (b) of the same act provides that the first $5,000 of gifts made “to any person” shall not be included in the total amount of gifts made during the taxable year. Séction 1111 of the 1932 Act, in defining the term…
2Cited by4 opinions
- Gregory v. State of CaliforniaCalifornia Court of Appeal · 1946
- Gregory v. State of CaliforniaCalifornia Court of Appeal · 1946
- Hutchings v. CommissionerUnited States Board of Tax Appeals · 1939
- Rubinstein v. CommissionerUnited States Board of Tax Appeals · 1940