Michel v. Commissioner
United States Board of Tax Appeals
1. A transfer in trust reserving the reversion if the settlor survives the beneficiary is not subject to gift tax. 2. A motion to reopen for further evidence "bearing upon the discount factors if any" applicable to the values of the transferred property "by reason of the reservation of possibilities of reverter", and a stipulation of factors of computation, held, not sufficient for decision as to the existence or value of a gift of other than the property, no such issue…
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1. A transfer in trust reserving the reversion if the settlor survives the beneficiary is not subject to gift tax. 2. A motion to reopen for further evidence "bearing upon the discount factors if any" applicable to the values of the transferred property "by reason of the reservation of possibilities of reverter", and a stipulation of factors of computation, held, not sufficient for decision as to the existence or value of a gift of other than the property, no such issue being raised by the pleadings.
1Opinion of the Court
*1038OPINION.
SteeNiíagen :
The Commissioner’s notices of deficiency were based upon the determination that the value of the shares at the time of the gift was greater than the petitioners had reported. The original petitions assail the Commissioner’s valuation. Before the cases came on for hearing, the United States Supreme Court, on November 6, 1939, decided Sanford's Estate v. Commissioner, 308 U. S. 39, and on January 29, 1940, decided Helvering v. Hallock, 309 U. S. 106, and amended pleadings were filed. The primary issue when the cases were tried was whether, in view of the retained…
2Cases cited2 opinions
- Helvering v. HallockSupreme Court of the United States · 1940
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
3Cited by4 opinions
- Helvering v. RobinetteCourt of Appeals for the Third Circuit · 1942
- Emil G. Seip v. CommissionerUnited States Tax Court · 1946
- Helvering v. RobinetteCourt of Appeals for the Third Circuit · 1942
- Michel v. CommissionerUnited States Board of Tax Appeals · 1941