Grasselli v. Commissioner
United States Tax Court
Petitioner was donee of a power of appointment under a trust created in 1932, of which she was not a trustee. Her children were cobeneficiaries. She was empowered to alter, amend, or terminate the trust and to cause distribution of corpus to herself or her appointees. The trustee paid income to the other beneficiaries from 1936 to 1940, inclusive.
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Petitioner was donee of a power of appointment under a trust created in 1932, of which she was not a trustee. Her children were cobeneficiaries. She was empowered to alter, amend, or terminate the trust and to cause distribution of corpus to herself or her appointees. The trustee paid income to the other beneficiaries from 1936 to 1940, inclusive. On July 30, 1941, petitioner in writing amended the trust by dividing the corpus into three parts, one of which was to go to each of the two children, she relinquishing all power over it and retaining power over the third fund, which power she…
1Opinion of the Court
OPINION.
Disney, Judge:
The Commissioner determined deficiencies in gift tax for the years and in amounts as follows:
1936_ $925.14
1937_ 2,246. 54
1938_ 852.22
1939 $3,298.12
1940 4,121.61
1941 218,887.55
Two questions are presented: (a) Whether, prior to July 30, 1941 (and after January 1, 1936), the petitioner was subject to gift tax upon amounts paid to beneficiaries, other than herself, by the trustee under a trust under which she had power of appointment; and (b) whether she is subject to gift tax because of action taken by her under such power, on July 30,1941. All facts were stipulated and we…
2Cases cited4 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Du Pont v. CommissionerUnited States Tax Court · 1943
- Cerf v. CommissionerUnited States Tax Court · 1943
3Cited by6 opinions
- Commissioner of Internal Revenue v. WalstonCourt of Appeals for the Fourth Circuit · 1948
- Walston v. CommissionerUnited States Tax Court · 1947
- Self v. United StatesUnited States Court of Claims · 1956
- Grasselli v. CommissionerUnited States Tax Court · 1946
- Walston v. CommissionerUnited States Tax Court · 1947
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