Kessler v. Commissioner
United States Board of Tax Appeals
GIFT INTER VIVOS. - Where petitioner endorsed in blank a certificate of beneficial interest in an oil lease and delivered same to the trustee with instructions to transfer title to a one-half interest therein to his wife and one half to an employee, and such transfers were thereupon made upon the records of the trustee, held, petitioner made a valid gift to the donees of his beneficial interest in the lease and not of the proceeds from the subsequent sale of the lease.
1Opinion of the Court
OPINION.
Trammell :
This is a proceeding for the redetermination of a deficiency in income tax for the year 1920 in the amount of $24,767.65. The issue is whether or not petitioner, during the taxable year, made a valid gift to his wife and an employee of his one-seventh interest in a certain oil lease.
During the year 1920 the petitioner, with one H. H. Rath, was engaged in the sale of stock of the Noco Petroleum Co., a corporation organized under the laws of Delaware, with offices in Kansas City, Missouri, and engaged in the development and operation of oil properties.
Petitioner, Rath, one C.…
2Cases cited3 opinions
- Basket v. HassellSupreme Court of the United States · 1883
- Reed v. RobertsSupreme Court of Pennsylvania · 1877
- Sizer v. United StatesUnited States Court of Claims · 1928
3Cited by3 opinions
- Apt v. BirminghamDistrict Court, N.D. Iowa · 1950
- Jackson v. CommissionerUnited States Board of Tax Appeals · 1935
- Kessler v. CommissionerUnited States Board of Tax Appeals · 1934