Gillespie v. Commissioner
United States Board of Tax Appeals
Petitioner on May 15, 1929, agreed to transfer certain properties to the F. A. Gillespie & Sons Co., the capital stock of which was held in trust for herself, her husband, and their sons for the period of their lives, with remainder to petitioner's grandchildren. As part consideration the transferee company agreed to pay petitioner two annuities totaling $25,000 annually.
Read the full summary
Petitioner on May 15, 1929, agreed to transfer certain properties to the F. A. Gillespie & Sons Co., the capital stock of which was held in trust for herself, her husband, and their sons for the period of their lives, with remainder to petitioner's grandchildren. As part consideration the transferee company agreed to pay petitioner two annuities totaling $25,000 annually. Held, the cost basis of the annuities to be used in computing the tax due under section 22(b)(2) of the Revenue Act of 1934 is the cost of these annuities from an insurance company and not the value of the transferred…
1Opinion of the Court
MAUD GILLESPIE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Gillespie v. Commissioner
Docket No. 98770.
United States Board of Tax Appeals
43 B.T.A. 399; 1941 BTA LEXIS 1510;
January 22, 1941, Promulgated
Petitioner on May 15, 1929, agreed to transfer certain properties to the F. A. Gillespie & Sons Co., the capital stock of which was held in trust for herself, her husband, and their sons for the period of their lives, with remainder to petitioner's grandchildren. As part consideration the transferee company agreed to pay petitioner two annuities totaling $25,000 annually. Held,…
2Cases cited7 opinions
- Raymond v. CommissionerUnited States Board of Tax Appeals · 1939
- Gillespie v. CommissionerUnited States Board of Tax Appeals · 1938
- Scanlon v. CommissionerUnited States Board of Tax Appeals · 1940
- Gillespie v. CommissionerUnited States Board of Tax Appeals · 1941
- Guaranty Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1929
2 more not listed; retrieve them via the Exa API.