Griswold v. Commissioner
United States Tax Court
The petitioner, by irrevocable trust, transferred property to three trustees, including himself, his mother to receive the income for her life and any corpus which a majority of the trustees, or the sole surviving corporate trustee, should pay her, the settlor to take the remaining corpus at her death; with certain contingent estate to any issue surviving the settlor, then to petitioner's brother, or his issue.
Read the full summary
The petitioner, by irrevocable trust, transferred property to three trustees, including himself, his mother to receive the income for her life and any corpus which a majority of the trustees, or the sole surviving corporate trustee, should pay her, the settlor to take the remaining corpus at her death; with certain contingent estate to any issue surviving the settlor, then to petitioner's brother, or his issue. Held, that in computation of gift tax, the value of the contingent estates may not be deducted from the agreed full value of trust corpus; held, further, that the petitioner…
1Opinion of the Court
OPINION.
Disney, Judge:
This case involves gift tax for the year 1941. The Commissioner determined a deficiency of $8,324.15 because of applying the gift tax to the entire value of a gift of $125,125 instead of $59,479.82 as returned by the petitioner, who took the view that the latter figure represented the value of a life interest in the corpus of $125,125, and that only such life interest was the subject of the gift. The petitioner, by amendment to conform to proof, contends that the value of the gift of the life estate was $54,944.34 and that the petitioner has made an overpayment of gift…
2Cases cited4 opinions
- Smith v. ShaughnessySupreme Court of the United States · 1943
- Robinette v. HelveringSupreme Court of the United States · 1943
- In re the Construction of the Last Will & Testament of JohnsonNew York Surrogate's Court · 1924
- Dodge v. TullockMichigan Supreme Court · 1896
3Cited by8 opinions
- Lockard v. CommissionerUnited States Tax Court · 1946
- Kolb v. CommissionerUnited States Tax Court · 1945
- Goldstein v. CommissionerUnited States Tax Court · 1962
- Cullman v. CommissionerUnited States Tax Court · 1981
- Goldstein v. CommissionerUnited States Tax Court · 1962
3 more not listed; retrieve them via the Exa API.