Faulkner v. Commissioner
United States Board of Tax Appeals
1. A gift in trust to an unborn child is a valid gift of a present as distinguished from a future interest in respect of which the donor is entitled to the statutory exclusion of $5,000. 2. Petitioner and others transferred in trust by a single trust conveyance their interests in certain life insurance policies on the life of petitioner's father for the benefit of petitioner's two brothers and a sister.
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1. A gift in trust to an unborn child is a valid gift of a present as distinguished from a future interest in respect of which the donor is entitled to the statutory exclusion of $5,000. 2. Petitioner and others transferred in trust by a single trust conveyance their interests in certain life insurance policies on the life of petitioner's father for the benefit of petitioner's two brothers and a sister. Held, that in respect of the gifts of her interest in the policies petitioner is entitled to three exclusions of $5,000 each. 3. A contribution to the Birth Control League of Massachusetts is…
1Opinion of the Court
OPINION.
Smith :
This proceeding is for the redetermination of a deficiency of $2,262.56 in petitioner’s gift tax for the year 1935. Petitioner alleges that the respondent erred in determining her net taxable gifts for 1935 in not allowing an exclusion of $5,000 for each of four gifts in *876trust, one for the benefit of each of her three living children and the fourth for the benefit of an unborn child, and in not allowing the deduction of three $5,000 exclusions respecting a conveyance in trust by the petitioner of certain insurance policies on the life of her father for the benefit of two of her…
2Cases cited4 opinions
- People v. . PowersNew York Court of Appeals · 1895
- Marsellis v. ThalhimerNew York Court of Chancery · 1830
- Cooper v. HeathertonAppellate Division of the Supreme Court of the State of New York · 1901
- Folk v. HughesSupreme Court of South Carolina · 1915
3Cited by6 opinions
- Cassman v. United StatesUnited States Court of Federal Claims · 1994
- Carson v. CommissionerUnited States Tax Court · 1978
- Carson v. CommissionerUnited States Tax Court · 1978
- Faulkner v. CommissionerUnited States Board of Tax Appeals · 1940
- Faulkner v. CommissionerUnited States Board of Tax Appeals · 1940
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