Coffey v. Commissioner
United States Tax Court
The taxpayer endorsed stock certificates for transfer to his minor children with the declaration, in the presence of a witness, that he was making a gift of the shares to the children.
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The taxpayer endorsed stock certificates for transfer to his minor children with the declaration, in the presence of a witness, that he was making a gift of the shares to the children. He kept the certificates in his possession, did not have the shares transferred to the children on the books of the corporations, and continued to receive the dividends on the shares for his own use, without any accounting to the children prior to the taxable year 1938. Held, that there were no valid gifts of the shares to the children.
1Opinion of the Court
OPINION.
Smith, Judge:
The principal question in this proceeding is whether petitioner made completed gifts to his minor children of the shares of stock represented by the certificates which he had endorsed for transfer to them in years prior to 1938. If so, the dividends paid on the shares in 1938 are taxable to the children, the owners ©f the shares, and not to the petitioner.
The evidence is that in each instance when petitioner endorsed the certificates for transfer to his children he stated to the witness who signed the endorsement that he was making a gift of the shares to the child to…
2Cases cited11 opinions
- Basket v. HassellSupreme Court of the United States · 1883
- In re Estate of SoulardSupreme Court of Missouri · 1897
- Allen-West Commission Co. v. GrumblesCourt of Appeals for the Eighth Circuit · 1904
- In Re Bauernschmidt's EstateCourt of Appeals of Maryland · 1903
- Newman v. . BostSupreme Court of North Carolina · 1898
6 more not listed; retrieve them via the Exa API.
3Cited by37 opinions
- Towers v. CommissionerUnited States Tax Court · 1955
- Coffey v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1944
- Willmott v. CommissionerUnited States Tax Court · 1943
- California and Hawaiian Sugar Refining Corporation, Limited v. The United StatesUnited States Court of Claims · 1962
- Higgins v. CommissionerUnited States Tax Court · 1943
32 more not listed; retrieve them via the Exa API.