Smith v. Commissioner
United States Board of Tax Appeals
1. Held that there is no gift inter vivos where possession and control are retained by the alleged donor after the date of the alleged gift. 2. Held that the words "actually paid," as they are used in section 301(b) of the Revenue Act of 1926, mean actually paid in cash, or its equivalent, by the estate of the deceased.
1Opinion of the Court
*281OPINION.
Love :
On both issues, we hold in favor of the Commissioner.
John Wesley Smith died February 5, 1927; the determination of the value of the gross estate of the decedent falls, therefore, under Title III of the Revenue Act of 1926. Respondent contends that while decedent gathered his five children around him on Christmas Day, December 25, 1923, and told them that he was giving them this stock in the Prairie Oil and Gas Company, yet his subsequent acts show that he intended that they should have the stock at the time of his death, but not before then. Respondent makes no point that the…
2Cases cited3 opinions
- Appeal of WalshSupreme Court of Pennsylvania · 1888
- In Re the Judicial Settlement of the Accounts of JamesNew York Court of Appeals · 1895
- Mahan v. PlankCourt of Appeals for the Seventh Circuit · 1923
3Cited by5 opinions
- Apt v. BirminghamDistrict Court, N.D. Iowa · 1950
- Byrne v. CommissionerUnited States Tax Court · 1970
- Varnell v. CommissionerUnited States Board of Tax Appeals · 1933
- Byrne v. CommissionerUnited States Tax Court · 1970
- Smith v. CommissionerUnited States Board of Tax Appeals · 1931