Perkins v. Commissioner
United States Tax Court
Gift Tax -- Sec. 1003 (b) (3), Annual Exclusions -- Present vs. Future Interests. -- Petitioners made gifts to trusts created for the benefit of minor grandchildren. The beneficiaries, their duly appointed guardians, or their parents were given the right to demand and receive all or part of the trust income or principal. The parents were capable of supporting the children.
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Gift Tax -- Sec. 1003 (b) (3), Annual Exclusions -- Present vs. Future Interests. -- Petitioners made gifts to trusts created for the benefit of minor grandchildren. The beneficiaries, their duly appointed guardians, or their parents were given the right to demand and receive all or part of the trust income or principal. The parents were capable of supporting the children. There were no guardians at any relevant time except with respect to one of the gifts by each petitioner in 1953. It was not anticipated that any demand for income or principal would be made by any parent. No such demand was…
1Opinion of the Court
OPINION.
Raum, Judge:
Respondent has determined deficiencies in the gift tax of the petitioners as follows:
George W. Linn M. iear Perkins Perkins
1951_$2,107.69 $2,092.43
1952_ 2, 803.31 2, 871. 73
1953_ 3,538.88 3,604.59
The sole issue is whether certain gifts in trust constituted gifts of future interests, so as to prevent the deduction therefrom in each year of the exclusions otherwise authorized by law.
All of the facts have been stipulated and are so found.
Petitioners are husband and wife temporarily sojourning in Paris, France. They are citizens of the United States, and have their permanent…
2Cases cited14 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- United States v. PelzerSupreme Court of the United States · 1941
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Commissioner v. DisstonSupreme Court of the United States · 1945
- Ryerson v. United StatesSupreme Court of the United States · 1941
9 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Estate of Cristofani v. CommissionerUnited States Tax Court · 1991
- Thorrez v. CommissionerUnited States Tax Court · 1958
- La Fortune v. CommissionerUnited States Tax Court · 1957
- D. Clifford Crummey v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1968
- Estate of Weisberger v. CommissionerUnited States Tax Court · 1957
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