Gilmore v. Commissioner
United States Tax Court
1. Petitioner, asking redetermination of gift tax, seeks to exclude the sum of $ 3,000 from gifts to each of seven trusts made to her grandchildren who were minors during the year 1947 under section 1003 (b) (3), Internal Revenue Code.
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1. Petitioner, asking redetermination of gift tax, seeks to exclude the sum of $ 3,000 from gifts to each of seven trusts made to her grandchildren who were minors during the year 1947 under section 1003 (b) (3), Internal Revenue Code. The trust instrument in each case, although in the first instance giving to each beneficiary outright without contingency the entire trust estate on his demand, in later provisions placed such discretionary power in the trustees as to modify right of the beneficiaries to receive and use the trust estate upon demand to such an extent that gifts to the trust in…
1Opinion of the Court
OPINION.
Withey, Judge:
This is a proceeding for redetermination of a deficiency in gift tax of the petitioner for the calendar year 1947 in the amount of $6,615. The questions for determination are: (a) Were gifts which petitioner made to seven trusts gifts of present or future interests within the meaning of section 1003 (b) (3), Internal Revenue Code, and (b) may exclusions of $39,925 in prior years, now barred by the statute of limitations, if erroneously allowed be disregarded for the purpose of determining petitioner’s total net gifts and applicable tax rate for 1947, the year at issue?…
2Cases cited7 opinions
- Helvering v. Northwest Steel Rolling Mills, Inc.Supreme Court of the United States · 1940
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Commissioner v. DisstonSupreme Court of the United States · 1945
- Kieckhefer v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1951
- Stifel v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1952
2 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Estate of Cristofani v. CommissionerUnited States Tax Court · 1991
- Thorrez v. CommissionerUnited States Tax Court · 1958
- Perkins v. CommissionerUnited States Tax Court · 1956
- Heidrich v. CommissionerUnited States Tax Court · 1971
- Quatman v. CommissionerUnited States Tax Court · 1970
11 more not listed; retrieve them via the Exa API.