Walker v. Commissioner
United States Board of Tax Appeals
In 1935 and 1936 petitioner transferred certain additional funds to an irrevocable trust, created in 1930, under the provisions of which his mother was to receive $500 per month from income or, in case of a deficiency in income, then from corpus, any excess in income over $500 per month to be paid to petitioner. Upon his mother's death the trust was to terminate and the corpus paid to petitioner.
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In 1935 and 1936 petitioner transferred certain additional funds to an irrevocable trust, created in 1930, under the provisions of which his mother was to receive $500 per month from income or, in case of a deficiency in income, then from corpus, any excess in income over $500 per month to be paid to petitioner. Upon his mother's death the trust was to terminate and the corpus paid to petitioner. In the event that he was not then living the corpus was to go to the heirs of his body or, lacking these, to his heirs at law. Held, that petitioner gave only a life interest in the property to his…
1Opinion of the Court
OPINION.
Leech:
Petitioner seeks redetermination of deficiencies in gift taxes of $552.40 and $1,121.29, for the calendar years 1935 and 1936, respectively. He also asks a finding that he has overpaid gift taxes for those years in question, in the respective amounts of $145.85 and $203.83. The issue is whether petitioner’s transfers of securities and cash in 1935 and 1936, to a trust created by him in 1930, are subject to gift tax under section 501 of the Revenue Act of 1932, as amended. The facts have been stipulated.
Petitioner, a resident of Detroit, Michigan, established an irrevocable trust…
2Cases cited5 opinions
- Helvering v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
- Becker v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
- Burnet v. WhitehouseSupreme Court of the United States · 1931
- Doctor v. . HughesNew York Court of Appeals · 1919
- In Re Coots' EstateMichigan Supreme Court · 1931
3Cited by8 opinions
- Helvering v. RobinetteCourt of Appeals for the Third Circuit · 1942
- Goldstein v. CommissionerUnited States Tax Court · 1962
- Smith v. ShaughnessyDistrict Court, N.D. New York · 1941
- Beck v. CommissionerUnited States Board of Tax Appeals · 1940
- Goldstein v. CommissionerUnited States Tax Court · 1962
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