[DOWNLOAD] "Hutchings-Sealy Nat. Bank of Galveston v. Commissioner of Internal Revenue." by United States Court of Appeals for the Fifth Circuit " Book PDF Kindle ePub Free
eBook details
- Title: Hutchings-Sealy Nat. Bank of Galveston v. Commissioner of Internal Revenue.
- Author : United States Court of Appeals for the Fifth Circuit
- Release Date : January 07, 1944
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 75 KB
Description
Mary M. Hutchings in 1935 by deed made an irrevocable conveyance of property to two of her sons for the benefit of themselves and five other of her children, all adults. In settling the gift taxes the Commissioner allowed only one exclusion of $5,000, holding the trust to be the single donee. This court reversed, holding there were seven donees and there should be seven exclusions. Hutchings v. Commissioner, 5 Cir., 111 F.2d 229. The Supreme Court affirmed, but without prejudice to a consideration by the Board of Tax Appeals of the question whether the gifts were not of future interests, so as to cut off any exclusion. 312 U.S. 393, 61 S. Ct. 653, 85 L. Ed. 909. This court then amended its mandate to the Board so as to provide for a redetermination of the tax "without prejudice to consideration by the Board of Tax Appeals of the question whether the gifts to the beneficiaries in this case are of future interests which are excepted from the benefit of the $5,000 deduction allowed by Section 504(b) of the Revenue Act of 1932 [26 U.S.C.A. Int. Rev. Acts, page 585]." The Board, which had become the Tax Court, found that the gifts were all of future interests, with no exclusion allowable, and entered a decision redetermining the tax on March 2, 1943. Mary M. Hutchings died May 14, 1943. Hutchings-Sealy National Bank qualified as her executor on May 31, 1943, and the same day filed this petition to review the decision of the Tax Court.