O'Reilly v. Commissioner
United States Tax Court
Ps placed stock of their closely held corporation in trusts for a period of years and retained the right to the income for the duration of the trusts. Upon the termination of the trusts, the principal was to be delivered to the remainder donees, Ps' children. Historically, the stock had paid a small dividend. Held, table B, sec. 25.2512-5(f), Gift Tax Regs., should be used to determine the value of Ps' gifts.
1Opinion of the Court
OPINION
TANNENWALD, Judge:
Respondent determined the following deficiencies in petitioners’ gift taxes:
Petitioner Year Deficiency
1985 $17,732 Charles H. O’Reilly, Sr.
1986 1,484
1985 Alma M. O’Reilly 16,280
1986 993
The issue for decision is whether petitioners may use the actuarial tables of section 25.2512-5(f), Gift Tax Regs., to determine the value of their gifts in trust when the retained interest reflected a much lower income yield than the assumed 10-percent yield of the actuarial table.
All of the facts have been stipulated, and the stipulation of facts and attached exhibits are incorporated…
2Cases cited16 opinions
- Weller v. CommissionerUnited States Tax Court · 1962
- McMurtry v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1953
- Fred A. Berzon v. Commissioner of Internal Revenue, Gertrude Berzon v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1976
- Berzon v. CommissionerUnited States Tax Court · 1975
- Green v. CommissionerUnited States Tax Court · 1954
11 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- 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
- Froh v. CommissionerUnited States Tax Court · 1993
- RERI Holdings I, LLC v. Comm'rUnited States Tax Court · 2014
- Froh v. CommissionerUnited States Tax Court · 1993
- O'Reilly v. CommissionerUnited States Tax Court · 1990
4 more not listed; retrieve them via the Exa API.