Geller v. Commissioner
United States Tax Court
1. The petitioner executed a relinquishment of reserved trust powers and filed consent, under section 1000 (e), Internal Revenue Code, that the transfer in trust be treated as a completed gift in the year when made.
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1. The petitioner executed a relinquishment of reserved trust powers and filed consent, under section 1000 (e), Internal Revenue Code, that the transfer in trust be treated as a completed gift in the year when made. Held, that such relinquishment and consent did not determine that gifts made in the trust instrument were of present interests. 2. The trust indenture provided gifts of corpus, to take effect only after death of settlor's wife, with other contingencies as to survivorship among the donees. Held, there were no gifts of present interest in trust corpus; held, further, that gifts of…
1Opinion of the Court
OPINION.
Disney, Judge:
The deficiencies constituting the subject of this case result from the Commissioner’s action, in the computation of gift taxes for 1943 and 1944, in increasing net gifts for preceding years by denying six $5,000 exclusions from gifts made and reported in 1938. The petitioner contends, in substance, that, pursuant to section 1000 (e) of the Internal Revenue Code, he executed a relinquishment of the power reserved in him to modify, alter, or terminate the trust by directing the trustees to pay trust principal to others, that the Commissioner filed his consent that the…
2Cases cited10 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- United States v. PelzerSupreme Court of the United States · 1941
- Merchants Nat. Bank of Boston v. CommissionerSupreme Court of the United States · 1943
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Ryerson v. United StatesSupreme Court of the United States · 1941
5 more not listed; retrieve them via the Exa API.
3Cited by30 opinions
- Berzon v. CommissionerUnited States Tax Court · 1975
- Brody v. CommissionerUnited States Tax Court · 1952
- Kniep v. CommissionerUnited States Tax Court · 1947
- Rosen v. CommissionerUnited States Tax Court · 1967
- Martinez v. CommissionerUnited States Tax Court · 1976
25 more not listed; retrieve them via the Exa API.