Board v. Commissioner
United States Tax Court
Transfer of property by petitioner to his wife and children held of facts an unconditional gift subject to gift tax, notwithstanding donees' subsequent reconveyance after advice to donor that his purpose of escaping estate tax had failed.
1Opinion of the Court
OPINION.
Opper, Judge-.
We have found the ultimate fact as requested by respondent, that the gift was not conditional when made, partly because petitioner himself so testified.1 That petitioner’s sons, for understandable reasons, may have acceded to his subsequent request that they agree to a reconveyance of the property, if estate tax liability had not been escaped, could not make conditional a conveyance that had already become absolute, nor render enforceable an agreement that was obviously without consideration, even though ultimately, and voluntarily, observed.
It is said that the wife…
2Cases cited3 opinions
- Smith v. ShaughnessySupreme Court of the United States · 1943
- Stone v. StoneMichigan Supreme Court · 1947
- Lowry v. Collector of Internal RevenueMichigan Supreme Court · 1948
3Cited by1 opinion
- Board v. CommissionerUnited States Tax Court · 1950