Stifel v. Commissioner
United States Tax Court
Gift Tax -- Exclusion -- Present Interest -- Section 1003 (b) (3). -- A transfer in trust for minor children, 4, 7, and 11, by a parent well able to support them, the income to be disbursed within the discretion of the trustee, with power in the children or by a guardian, if appointed, to terminate the trust and take the corpus and income, is a transfer of future interests only and section 1003 (b) (3) does not grant any exclusion.
1Opinion of the Court
OPINION.
Murdock, Judge:
The petitioner testified that he wanted to transfer some money to his three children to handle and do with as they saw fit so that they would have some idea of what could be accomplished by the proper investment and utilization of money. He was speaking of children 4, 7, and 11. His attorney advised him that a guardian would have to be appointed to accomplish that purpose and the attorney recommended that he “create a trust for each of the children, and that the money be given to them outright.” That testimony adds little or nothing to the stipulated facts.
To the extent…
2Cases cited6 opinions
- United States v. PelzerSupreme Court of the United States · 1941
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Commissioner v. DisstonSupreme Court of the United States · 1945
- Ryerson v. United StatesSupreme Court of the United States · 1941
- Kieckhefer v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1951
1 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Estate of Cristofani v. CommissionerUnited States Tax Court · 1991
- Thorrez v. CommissionerUnited States Tax Court · 1958
- Perkins v. CommissionerUnited States Tax Court · 1956
- Gilmore v. CommissionerUnited States Tax Court · 1953
- Heidrich v. CommissionerUnited States Tax Court · 1971
21 more not listed; retrieve them via the Exa API.