Anastasio v. Commissioner
United States Tax Court
In 1970, petitioner won $ 100,000 in a lottery. Because petitioner was a minor at that time, under the applicable State law, the prize money was paid in 1970 to petitioner's parents as custodians under the State's Uniform Gifts to Minors Act.
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In 1970, petitioner won $ 100,000 in a lottery. Because petitioner was a minor at that time, under the applicable State law, the prize money was paid in 1970 to petitioner's parents as custodians under the State's Uniform Gifts to Minors Act. The prize proceeds, and interest earned in 1970 thereon, were turned over to petitioner in 1971. Held, the prize money was income to petitioner in 1970. Held, further, the prize money, held by petitioner's parents as custodians under the Uniform Gifts to Minors Act, did not constitute the corpus of a trust. Held, further, interest earned on the prize…
1Opinion of the Court
Joseph Anastasio, Petitioner v. Commissioner of Internal Revenue, Respondent
Anastasio v. Commissioner
Docket No. 7134-74
United States Tax Court
67 T.C. 814; 1977 U.S. Tax Ct. LEXIS 153;
February 16, 1977, Filed
Decision will be entered for the respondent.
In 1970, petitioner won $ 100,000 in a lottery. Because petitioner was a minor at that time, under the applicable State law, the prize money was paid in 1970 to petitioner's parents as custodians under the State's Uniform Gifts to Minors Act. The prize proceeds, and interest earned in 1970 thereon, were turned over to petitioner in 1971. Held,…
2Cases cited18 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Brodie v. CommissionerUnited States Tax Court · 1942
- Sproull v. CommissionerUnited States Tax Court · 1951
- Chrysler v. CommissionerUnited States Tax Court · 1965
- Estate of Jack F. Chrysler, Edith B. Carr, John W. Drye, Jr. And Manufacturers Hanover Trust Company, Executors v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1966
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