Beveridge v. Commissioner
United States Tax Court
The taxpayer's daughter transferred to the taxpayer without consideration valuable real estate and other property prior to her marriage to a man to whom the taxpayer objected. Complete estrangement between the daughter and the taxpayer resulted from the marriage, and in 1942 the daughter made demand for the property, alleging duress and threatening suit.
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The taxpayer's daughter transferred to the taxpayer without consideration valuable real estate and other property prior to her marriage to a man to whom the taxpayer objected. Complete estrangement between the daughter and the taxpayer resulted from the marriage, and in 1942 the daughter made demand for the property, alleging duress and threatening suit. She then offered to settle for $ 600,000. After protracted negotiations the settlement figure was reduced and, on advice of her attorneys, the taxpayer agreed to transfer $ 120,000 to a trust for the daughter's benefit. She did so in 1943,…
1Opinion of the Court
OPINION.
Johnson, Judge:
The Commissioner determined that petitioner was subject to gift tax on the $120,000 transferred in trust in 1943. Admitting on brief that the estrangement between mother and daughter precluded any donative intent, he defends the determination by the argument that no such intent is necessary under Commissioner v. Wemyss, 324 U. S. 303, it being enough that the property was transferred for less than an adequate and full consideration, as contemplated by section 1002, Internal Revenue Code,1 and, since petitioner made the transfer “to secure the release of unproven claims…
2Cases cited6 opinions
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Merrill v. FahsSupreme Court of the United States · 1945
- Jones v. CommissionerUnited States Tax Court · 1943
- Converse v. CommissionerUnited States Tax Court · 1945
- Estate of Barnard v. CommissionerUnited States Tax Court · 1947
1 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Shelton v. LockhartDistrict Court, W.D. Missouri · 1957
- Natkanski v. CommissionerUnited States Tax Court · 1992
- Beveridge v. CommissionerUnited States Tax Court · 1948
- Burford v. CommissionerUnited States Tax Court · 1985
- Redstone v. Comm'r (In re Estate of Redstone)United States Tax Court · 2015