Commissioner of Internal Revenue v. Gardner

SPARKS, Circuit Judge.

The Commissioner petitions for review of a decision of the Board of Tax Appeals permitting a series of exclusions from gift taxes under § 504(b) of the Revenue Act of 1932, 26 U.S.C.A. Int.Rev.Acts, page 585. He contends that such exclusions should have been denied for the reason that the gifts were of future interests in the property conveyed.

The facts were stipulated. In 1926, respondent created a trust for the benefit of ten grandchildren. By the terms of the trust indenture the trustee was to hold the trust estate in equal shares for the benefit of those…