La Fortune v. Commissioner
United States Tax Court
Held, certain gifts made in trust where trustee had to disburse the income annually to the beneficiaries and had full discretion to distribute the corpus prior to the expiration date named in the trust instrument, were gifts of future interest and donors were not entitled to the exclusions of section 1003 (b) (3), I. R. C. 1939; held, further, such gifts of a present right to income could not be valued for gift tax purposes because of the presence in the trust instrument of…
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Held, certain gifts made in trust where trustee had to disburse the income annually to the beneficiaries and had full discretion to distribute the corpus prior to the expiration date named in the trust instrument, were gifts of future interest and donors were not entitled to the exclusions of section 1003 (b) (3), I. R. C. 1939; held, further, such gifts of a present right to income could not be valued for gift tax purposes because of the presence in the trust instrument of the clause giving the trustee full discretion to disburse the corpus at any time; held, further, that trustee-donees,…
1Opinion of the Court
OPINION.
Mulkoney, Judge:
The respondent determined deficiencies in gift tax of petitioners J. A. LaFortune and Gertrude L. LaFortune as follows:
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The respondent determined transferee liability with respect to deficiencies in gift tax of J. A. LaFortune and Gertrude L. LaFortune for the taxable year 1951 as follows:
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The issues in these consolidated cases are: (1) Whether certain gifts made to various trusts by J. A. LaFortune and Gertrude L. ' LaFortune in 1951 through 1954 were gifts of “future interests” or “present interests” within the meaning of section 1008 (b)…
2Cases cited16 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
- Mississippi Valley Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1945
- Fletcher Trust Co. v. COMMISSIONER OF INT. REVENUECourt of Appeals for the Seventh Circuit · 1944
11 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- Schuster v. CommissionerUnited States Tax Court · 1959
- Estate of Mandels v. CommissionerUnited States Tax Court · 1975
- Thorrez v. CommissionerUnited States Tax Court · 1958
- O'Neal v. CommissionerUnited States Tax Court · 1994
- Pascarelli v. CommissionerUnited States Tax Court · 1971
20 more not listed; retrieve them via the Exa API.