Wood v. Commissioner
United States Tax Court
Gift Tax: Income of trust held to represent gift of future interest. Under the terms of a trust created by the petitioner for the benefit of a minor grandchild which is to terminate when beneficiary becomes 21 years old, or upon his death, and under which the gift of the corpus is a gift of a future interest, the only direction to the trustee regarding distribution of income is to pay the beneficiary so much of the income as may be requested by the child's father, or some…
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Gift Tax: Income of trust held to represent gift of future interest. Under the terms of a trust created by the petitioner for the benefit of a minor grandchild which is to terminate when beneficiary becomes 21 years old, or upon his death, and under which the gift of the corpus is a gift of a future interest, the only direction to the trustee regarding distribution of income is to pay the beneficiary so much of the income as may be requested by the child's father, or some other person, provided total payments in a year do not exceed net income for such year. The trustee shall accumulate…
1Opinion of the Court
OPINION.
HaRRON, Judge:
A gift of property may comprise a gift of a present interest and a gift of a future interest. Fisher v. Commissioner (C. A. 9, 1942), 132 F. 2d 283; and Sensenbrenner v. Commissioner (C. A. 7, 1943), 134 F. 2d 883. The petitioner admits that the gifts to the trust were gifts of future interests with respect to the principal and income accumulations under the rules of Helvering v. Hutchings, 312 U. S. 393 (1940), and United States v. Pelzer, 312 U. S. 399 (1940). The petitioner contends that a gift of a present interest was made with respect to the trust income, which the…
2Cases cited19 opinions
- United States v. PelzerSupreme Court of the United States · 1941
- Robinette v. HelveringSupreme Court of the United States · 1943
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Commissioner v. DisstonSupreme Court of the United States · 1945
- Helvering v. HutchingsSupreme Court of the United States · 1941
14 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Thorrez v. CommissionerUnited States Tax Court · 1958
- Rassas v. CommissionerUnited States Tax Court · 1951
- Schayek v. CommissionerUnited States Tax Court · 1960
- Estate of Casey v. CommissionerUnited States Tax Court · 1956
- Goldstein v. CommissionerUnited States Tax Court · 1956
10 more not listed; retrieve them via the Exa API.