Rosen v. Commissioner
United States Tax Court
Ts made gifts of corporate stock to trusts which in form provided for payment of income to children and distribution of corpus at certain ages. The corporation had never paid any dividends up to the time of the gifts and has not in fact paid any dividends since then.
Read the full summary
Ts made gifts of corporate stock to trusts which in form provided for payment of income to children and distribution of corpus at certain ages. The corporation had never paid any dividends up to the time of the gifts and has not in fact paid any dividends since then. Held, in the circumstances of this case, the so-called income interests are not reasonably susceptible of valuation; accordingly, the donors are not entitled to the $ 3,000 exclusions in the computation of their gift taxes. Sec. 2503, I.R.C. 1954.
1Opinion of the Court
Ratjm, Judge:
The respondent determined deficiencies in gift tax for the calendar years 1961, 1962, and 1963 as follows:
[[Image here]]
Dorothy is Leonard’s wife and Claire is Julius’ wife. Leonard and Julius are brothers. All four petitioners resided in Baltimore or Baltimore County, Md., when the petitions herein were filed. All four filed separate gift tax returns with the district director of internal revenue at Baltimore. The gifts in question were made by the husbands, and the wives are involved merely because each consented to have her husband’s gifts treated as having been made one-half…
2Cases cited13 opinions
- Commissioner v. DisstonSupreme Court of the United States · 1945
- Weller v. CommissionerUnited States Tax Court · 1962
- Huntington Nat'l Bank v. CommissionerUnited States Tax Court · 1949
- Hanley v. United StatesUnited States Court of Claims · 1945
- Commissioner of Internal Revenue v. BrandegeeCourt of Appeals for the First Circuit · 1941
8 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Berzon v. CommissionerUnited States Tax Court · 1975
- Alma M. O'Reilly v. Commissioner of Internal Revenue, Charles H. O'reilly, Sr. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1992
- Quatman v. CommissionerUnited States Tax Court · 1970
- O'Reilly v. CommissionerUnited States Tax Court · 1990
- Vernon v. CommissionerUnited States Tax Court · 1976
8 more not listed; retrieve them via the Exa API.