Goodman v. Commissioner
United States Tax Court
On December 19, 1930, the petitioner created two trusts, transferring to the trustee to create trust estate A securities the income from which was to be used to pay premiums on five life insurance policies of $ 100,000 each on the life of her husband constituting trust estate B, the excess amount of income to be paid to herself.
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On December 19, 1930, the petitioner created two trusts, transferring to the trustee to create trust estate A securities the income from which was to be used to pay premiums on five life insurance policies of $ 100,000 each on the life of her husband constituting trust estate B, the excess amount of income to be paid to herself. She reserved the right at any time during the lifetime of her husband to revoke the trusts and, after the death of her husband, the right to withdraw and repossess herself of not exceeding one-half of the assets constituting trust estate A. Her husband died on March…
1Opinion of the Court
OPINION.
Smith, Judge:
We first consider the question whether the petitioner was liable for gift tax in any amount for 1939. The petitioner contends that she is not, for the reason that she took no action in 1939 relative to the trusts which she created on December 19,1930.
The gift tax applicable to the year 1939 is imposed by the Revenue Act of 1932 as amended. Section 501 of that act provides as follows:
SEC. 501. IMPOSITION OF TAX.(a) For the calendar year 1932 and each calendar year thereafter a tax, computed as provided in section 502, shall be imposed upon the transfer during such calendar…
2Cases cited3 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Burnet v. GuggenheimSupreme Court of the United States · 1933
3Cited by20 opinions
- Shepherd v. CommissionerUnited States Tax Court · 2000
- Chase Nat'l Bank v. CommissionerUnited States Tax Court · 1955
- Estate of Webster v. CommissionerUnited States Tax Court · 1976
- In Re Estate of Ida Jarvis Pyle. Robert M. Pyle v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1963
- Ripley v. CommissionerUnited States Tax Court · 1995
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