Scherer v. Commissioner
United States Tax Court
1. The value of admitted gifts by the taxpayer of interests in a business and its assets, determined as the basis for gift tax. 2. Gifts to a trustee for the taxpayer's children, the corpus and income of which may not be delivered to the children until they arrive at a fixed age, held to be gifts of future interests which precludes the $ 5,000 exclusions. 3. Where a husband made irrevocable gifts of interests in his business to his wife individually and to her as trustee for…
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1. The value of admitted gifts by the taxpayer of interests in a business and its assets, determined as the basis for gift tax. 2. Gifts to a trustee for the taxpayer's children, the corpus and income of which may not be delivered to the children until they arrive at a fixed age, held to be gifts of future interests which precludes the $ 5,000 exclusions. 3. Where a husband made irrevocable gifts of interests in his business to his wife individually and to her as trustee for their three minor children and thereafter the husband entered into an agreement with his wife acting for herself…
1Opinion of the Court
OPINION.
Black, Judge:
Although these three cases were tried together, as suggested by both parties, they present different issues. The earliest case, Docket 107150, involves a 1937 gift tax and arises from the Commissioner’s increase of the value of the gifts above the valuation used by the taxpayer in his return. Both parties agree that completed gifts were made. The only dispute in Docket 107150 is as to the value of the gifts which were made and whether the gifts to the minor children were of future interest in property, as raised by respondent in his amended answer. That docket requires…
2Cases cited7 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Helvering v. CliffordSupreme Court of the United States · 1940
- Helvering v. StuartSupreme Court of the United States · 1942
- United States v. PelzerSupreme Court of the United States · 1941
- Lorenz v. CommissionerUnited States Tax Court · 1944
2 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Hall v. CommissionerCourt of Appeals for the Tenth Circuit · 1945
- Hanson v. BirminghamDistrict Court, N.D. Iowa · 1950
- Montgomery v. ThomasCourt of Appeals for the Fifth Circuit · 1944
- Tower v. COMMISSIONER OF INTERNAL REVENUECourt of Appeals for the Sixth Circuit · 1945
- Smith v. CommissionerUnited States Tax Court · 1944
4 more not listed; retrieve them via the Exa API.