Robinson v. Commissioner
United States Tax Court
In 1972, petitioner elected to let her husband's will direct the disposition of her community property share. As a result, petitioner's community share became the corpus of the W trust. Petitioner is the trustee and income beneficiary of the W trust and held the limited powers to appoint its corpus which she released in 1976. Held, petitioner's 1976 release of her limited powers to appoint W trust corpus is a taxable gift of the remainder interest in her community share.
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In 1972, petitioner elected to let her husband's will direct the disposition of her community property share. As a result, petitioner's community share became the corpus of the W trust. Petitioner is the trustee and income beneficiary of the W trust and held the limited powers to appoint its corpus which she released in 1976. Held, petitioner's 1976 release of her limited powers to appoint W trust corpus is a taxable gift of the remainder interest in her community share. Held, further, the value of the gift is not reduced under sec. 2512(b), I.R.C. 1954, by the interest petitioner received in…
1Opinion of the Court
OPINION
Fay, Judge:
Respondent determined a deficiency of $58,676.97 in petitioner’s Federal gift tax for the calendar quarter ending March 81, 1976. The issues for decision are whether petitioner made a taxable gift when she released certain powers held by her over a trust, and, if a gift was made, what was its value.
All of the facts have been stipulated and are so found.
Petitioner, Myra B. Robinson, resided in Big Spring, Tex., when she filed her petition herein. Petitioner was married to G. R. Robinson (hereinafter husband) who died testate on February 27,1972. His will gave petitioner a…
2Cases cited41 opinions
- Slay v. Burnett TrustTexas Supreme Court · 1945
- Johnson v. PeckhamTexas Supreme Court · 1938
- Lehman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1940
- Estate of Christ v. Comm'rUnited States Tax Court · 1970
- Estate of Daisy F. Christ, Deceased, Robert Johnson Christ v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1973
36 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Autin v. CommissionerUnited States Tax Court · 1994
- Estate of Pollock v. CommissionerUnited States Tax Court · 1981
- Myra B. Robinson v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1982
- Autin v. CommissionerUnited States Tax Court · 1994
- Estate of Pollock v. CommissionerUnited States Tax Court · 1981
1 more not listed; retrieve them via the Exa API.