Anastasio v. Commissioner
United States Tax Court
In 1970, petitioner won $ 100,000 in a lottery. Because petitioner was a minor at that time, under the applicable State law, the prize money was paid in 1970 to petitioner's parents as custodians under the State's Uniform Gifts to Minors Act.
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In 1970, petitioner won $ 100,000 in a lottery. Because petitioner was a minor at that time, under the applicable State law, the prize money was paid in 1970 to petitioner's parents as custodians under the State's Uniform Gifts to Minors Act. The prize proceeds, and interest earned in 1970 thereon, were turned over to petitioner in 1971. Held, the prize money was income to petitioner in 1970. Held, further, the prize money, held by petitioner's parents as custodians under the Uniform Gifts to Minors Act, did not constitute the corpus of a trust. Held, further, interest earned on the prize…
1Opinion of the Court
OPINION
Tannenwald, Judge:
Respondent determined a deficiency in petitioner’s Federal income tax for the year 1970 in the amount of $61,086.39. The sole issue is whether a lottery prize won by a minor, together with income earned thereon, which is made payable under the applicable State law to his parents as custodians, constitutes income in the year the prize is awarded or in the year the money is actually turned over to him by his parents.
All of the facts have been stipulated and are found accordingly. The stipulation of facts and attached exhibits are incorporated herein by this reference.
Pet…
2Cases cited17 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Brodie v. CommissionerUnited States Tax Court · 1942
- Sproull v. CommissionerUnited States Tax Court · 1951
- Chrysler v. CommissionerUnited States Tax Court · 1965
- Estate of Jack F. Chrysler, Edith B. Carr, John W. Drye, Jr. And Manufacturers Hanover Trust Company, Executors v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1966
12 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Estate of Applestein v. CommissionerUnited States Tax Court · 1983
- Roy v. Thomas Eloise F. Thomas v. United StatesCourt of Appeals for the Sixth Circuit · 2000
- Thomas v. United StatesDistrict Court, S.D. Ohio · 1999
- Zorc v. CommissionerUnited States Tax Court · 1990
- Anastasio v. CommissionerUnited States Tax Court · 1977
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