CHANROBLES VIRTUAL LAW LIBRARY
US LAWS, STATUTES and CODES : Chan Robles Virtual Law Library USA Supreme Court Decisions | Resolutions : Chan Robles Virtual Law Library

ChanRobles™ Virtual Law Library™ | chanrobles.com™   
Main Index Repository of Laws, Statutes and Codes Latest Philippine Supreme Court Decisions Chan Robles Virtual Law Library Latest Legal Updates Philippine Legal Resources Significant Philippine Legal Resources Worldwide Legal Resources Philippine Supreme Court Decisions United States Legal Resources United States Supreme Court Jurisprudence ChanRobles LawTube - Social Network

ChanRobles Internet Bar Review : www.chanroblesbar.com DebtKollect Company, Inc. - Debt Collection Firm Intellectual Property Division - Chan Robles Law Firm

Philippine Supreme Court DecisionsChanRobles On-Line Bar Review

google search for chanrobles.comSearch for www.chanrobles.com


ROBINETTE V. HELVERING, 318 U. S. 184 (1943)

Subscribe to Cases that cite 318 U. S. 184 RSS feed for this section

U.S. Supreme Court

Robinette v. Helvering, 318 U.S. 184 (1943)

Robinette v. Helvering

No. 499

Argued January 14, 1943

Decided February 15, 1943*

318 U.S. 184

Syllabus

A woman, contemplating marriage, created an irrevocable trust of property, under which she was to receive the income during her life; upon her death, her mother and stepfather were to have a life interest in the income; the remainder was to go to her issue upon their reaching the age of 21, and, in default of issue, then to whomever the last surviving life tenant should appoint by will. Her mother created 3 similar trust, reserving a life interest to herself and her husband, with a second life. interest to the daughter, and remainder to the daughter's issue. Concededly, the secondary life interests were subject to the federal gift tax.

Held:

1. The remainders (after the life interests) were taxable gifts under the Revenue Act of 1932. Smith v. Shaughnessy, ante p. 318 U. S. 176. P. 318 U. S. 186.

2. The fact that, on the date of the creation of the trust, there were in existence no eligible remaindermen does not defeat the gift tax. P. 318 U. S. 186.

3. The transfers in this case cannot be regarded as supported by "full consideration in money or money's worth" within the meaning of § 503 of the Act, nor as "in the ordinary course of business" within the meaning of Art. 8 of Treasury Regulations 79. P. 318 U. S. 187.

4. The value of the reversionary interests of the grantors in this case, being incapable of ascertainment by recognized actuarial methods, chanroblesvirtualawlibrary

Page 318 U. S. 185

is not deductible in computing the gift tax. Smith v. Shaughnessy, ante, p. 318 U. S. 176, distinguished. P. 318 U. S. 188.

129 F.2d 832 affirmed.

Certiorari, 317 U.S. 620, to review the reversal of a decision of the Board of Tax Appeals, 44 B.T.A. 701, which reversed in two cases, consolidated for hearing before the Board and in the court below, determinations of deficiencies in federal gift taxes.





Back
ChanRobles™ LawTube

google search for chanrobles.com Search for www.chanrobles.com


Supreme Court Decisions Philippine Supreme Court DecisionsUS Supreme Court Decisions



www.chanrobles.us




QUICK SEARCH

cralaw

Browse By ->> Volume


cralaw

Browse By ->> Year


cralaw

  Copyright © ChanRobles Publishing Company | Disclaimer | E-mail Restrictions
ChanRobles™ Virtual Law Library | chanrobles.com™
 
RED