Estate of Holtz v. Commissioner
United States Tax Court
Irrevocable transfer in trust directing corporate trustee to distribute income to settlor for life and as much of principal as trustee may think desirable for the welfare, comfort, and support of settlor, or for his hospitalization or other emergency needs, held not to be a completed gift of the remainder interest in the principal of the trust for gift tax purposes.
1Opinion of the Court
Deennen, Judge:
Respondent determined deficiencies in gift tax against petitioner for the taxable years 1953, 1954, and 1955 in the amounts of $61,130.90, $22.05, and $8,543.82, respectively.
The issue for decision is whether the transfers in trust of certain property, made by Leon Holtz on June 12, 1953, and January 18, 1955, were completed gifts for purposes of Federal gift tax. The deficiency for 1954 is the result of a technical adjustment dependent on the decision of the issue for 1953.
FINDINGS OF FACT.
Some of the facts have been stipulated and are found accordingly.
Provident Tradesmens…
2Cases cited17 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Smith v. ShaughnessySupreme Court of the United States · 1943
- Haverty Realty & Inv. Co. v. CommissionerUnited States Tax Court · 1944
- Herzog v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1941
12 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Schmitz v. CommissionerUnited States Tax Court · 1968
- Estate of Craft v. CommissionerUnited States Tax Court · 1977
- Lacy v. CommissionerUnited States Tax Court · 1963
- Coven v. CommissionerUnited States Tax Court · 1976
- Mitchell v. CommissionerUnited States Tax Court · 1976
15 more not listed; retrieve them via the Exa API.