Kolb v. Commissioner
United States Tax Court
During years prior to 1939 in which a gift tax act was in effect petitioner's decedent transferred property to a trust, the corpus of which was to be divided into equal parts, one for each of his 3 grandchildren then living, and into additional equal parts as after-born grandchildren might be designated by him in writing during his lifetime.
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During years prior to 1939 in which a gift tax act was in effect petitioner's decedent transferred property to a trust, the corpus of which was to be divided into equal parts, one for each of his 3 grandchildren then living, and into additional equal parts as after-born grandchildren might be designated by him in writing during his lifetime. Until each such grandchild reached the age of 30 years, the income of each such part was payable to decedent's daughter, if living, and to those she appointed by will, if she died prior to that time or, if she left no will, then to her heirs under the…
1Opinion of the Court
OPINION.
Leech, Judge:
Respondent determined the contested deficiency in gift tax for 1939 on the ground “that a completed gift in the amount of $706,301.25 was made on May 31,1939, upon the relinquishment by the donor of his power to name additional beneficiaries under a trust indenture dated June 27, 1923.” In so doing, he therefore included in the value of the alleged gift the value of the entire corpus of the trust on May 31,1939. Subsequent to this determination, Congress enacted section 502 (b) of the Revenue Act of 1943, which amended section 501 of the Revenue Act of 1932 (imposing a…
2Cases cited8 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
- Robinette v. HelveringSupreme Court of the United States · 1943
- Commissioner v. Estate of FieldSupreme Court of the United States · 1945
3 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Ward v. CommissionerUnited States Tax Court · 1986
- Frew v. CommissionerUnited States Tax Court · 1947
- Goldstein v. CommissionerUnited States Tax Court · 1962
- Frew v. CommissionerUnited States Tax Court · 1947
- Goldstein v. CommissionerUnited States Tax Court · 1962
4 more not listed; retrieve them via the Exa API.