Street v. Commissioner
United States Tax Court
Petitioner created six irrevocable trusts, without consideration, for the primary benefit of six minor grandchildren. The indenture for each trust provided that the income or principal, or both, of the trust fund "may be used at any time it may be needed" for the support, comfort, and education of the beneficiary; and that such payments should be made to a parent of the beneficiary, "upon the written request of the Trustor," or if he were not living, "at the discretion of…
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Petitioner created six irrevocable trusts, without consideration, for the primary benefit of six minor grandchildren. The indenture for each trust provided that the income or principal, or both, of the trust fund "may be used at any time it may be needed" for the support, comfort, and education of the beneficiary; and that such payments should be made to a parent of the beneficiary, "upon the written request of the Trustor," or if he were not living, "at the discretion of the Trustee." Held, that the interests of the several beneficiaries, both in the corpus and in the income of the trusts,…
1Opinion of the Court
PrERCE, Judge:
The respondent determined a deficiency in the gift tax of the petitioner for the calendar year 1952 in the amount of $990.08.
The sole issue for decision is whether certain gifts in trust of corporate stocks made by the petitioner in 1952 for tbe primary benefit of six of bis grandchildren were gifts of “future interests” or gifts of present interests within the meaning of section 1003 (b) (3) of the Internal Revenue Code of 1939.1
FINDINGS OF FACT.
The basic facts of this case are not in dispute.
The petitioner, George M. Street, is a physician residing in Vicksburg, Mississippi.…
2Cases cited7 opinions
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Commissioner v. DisstonSupreme Court of the United States · 1945
- Kieckhefer v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1951
- Commissioner of Internal Revenue v. SharpCourt of Appeals for the Ninth Circuit · 1946
- United States v. R. W. Baker, United States of America v. Penelope S. BakerCourt of Appeals for the Fourth Circuit · 1956
2 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Pettus v. CommissionerUnited States Tax Court · 1970
- Heath v. CommissionerUnited States Tax Court · 1960
- George M. Street, M. D. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
- Heath v. CommissionerUnited States Tax Court · 1960
- Klein v. CommissionerUnited States Tax Court · 1975
3 more not listed; retrieve them via the Exa API.