Schmidt v. Commissioner
United States Tax Court
The decedent received gifts in each year, 1946 and 1947, from his wife. The value of the 1946 gifts was less than the statutory exemption of $ 30,000 allowed the donor (sec. 1004, I. R. C.), and the donor reported no amount of "net gifts" for 1946 upon offsetting the exemption against the total amount of gifts.
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The decedent received gifts in each year, 1946 and 1947, from his wife. The value of the 1946 gifts was less than the statutory exemption of $ 30,000 allowed the donor (sec. 1004, I. R. C.), and the donor reported no amount of "net gifts" for 1946 upon offsetting the exemption against the total amount of gifts. The donor reported an amount of "net gifts" for 1947 over and above the balance of the allowable exemption, and paid gift tax on the gift made in 1947, but in computing gift tax for 1947 there was no amount carried over to 1947 for "net gifts" made in preceding years. Held, that the…
1Opinion of the Court
OPINION.
Harron, Judge:
The respondent determined a deficiency in estate tax in the amount of $5,720.18. The petitioner agrees with some adjustments made by the respondent. The respondent agrees that the petitioner is entitled to a further deduction for attorneys’ fees and costs. Effect will be given to these agreements of the parties under Rule 50.
The only question to be decided is whether property given to the decedent in 1946, consisting of 400 shares of the capital stock of Standard Oil Company of California having a value of $21,600, and 100 shares of the Class A stock of the Signal Oil…
2Cases cited3 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Parrott v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1929
- In re the Estate of JohansonWashington Supreme Court · 1951
3Cited by2 opinions
- Estate of Arthur A. Schmidt, Deceased, Marjorie Mosher Schmidt v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- Schmidt v. CommissionerUnited States Tax Court · 1952