Hooker v. Commissioner
United States Tax Court
1. Gift Tax -- Settlement at Divorce -- Transfer in Trust for Minor Child. -- No adequate money consideration or lack of donative intent shown, and transfer held gift to extent value exceeded obligation to support child during minority. 2. Gift Tax -- Judgment Satisfied -- Transfer in Trust for Minor Child. -- Transfer to trust for minor child in accordance with separation agreement and divorce decree made pursuant to a judgment for specific performance of the separation…
Read the full summary
1. Gift Tax -- Settlement at Divorce -- Transfer in Trust for Minor Child. -- No adequate money consideration or lack of donative intent shown, and transfer held gift to extent value exceeded obligation to support child during minority. 2. Gift Tax -- Judgment Satisfied -- Transfer in Trust for Minor Child. -- Transfer to trust for minor child in accordance with separation agreement and divorce decree made pursuant to a judgment for specific performance of the separation agreement held gift to extent value exceeded obligation to support child during minority.
1Opinion of the Court
OPINION.
Murdock, Judge'.
The Commissioner determined a deficiency of $34,602.40 in gift tax for 1943. The petitioner alleges that the Commissioner erred in taxing as gifts the 1943 transfers to two trusts which he was required to make by the order of a court. The Commissioner claimed an increased deficiency on the theory that he erroneously omitted from gifts of prior, years, in computing the 1943 deficiency, a transfer of securities worth $49,375 made by the petitioner to his wife on August 10,1935. The parties filed a stipulation of facts, which is adopted as the findings of fact.
The…
Also in this document: Dissent.
2Cases cited4 opinions
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Merrill v. FahsSupreme Court of the United States · 1945
- Jones v. CommissionerUnited States Tax Court · 1943
- Converse v. CommissionerUnited States Tax Court · 1945
3Cited by27 opinions
- Glen v. CommissionerUnited States Tax Court · 1966
- Hooker v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1949
- Keller v. CommissionerUnited States Tax Court · 1965
- McLean v. CommissionerUnited States Tax Court · 1948
- Estate of McKeon v. CommissionerUnited States Tax Court · 1956
22 more not listed; retrieve them via the Exa API.