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Wills Trusts & Estates keyed to Dukeminier
Estate of Holtz v. Commissioner
Facts
Holtz created a trust where the income was paid to him during his life, and as much of the principal as the trustee “may from time to time think desirable for the welfare, comfort, and support of the Settlor, or for his hospitalization or other emergency needs.” Upon his death, if his wife survived him, the income of the trust was to be paid to her during her lifetime, and a similar provision was made for invasion of principal for her benefit during her lifetime. The trust was to terminate at the death of the survivor of settlor, and his wife, and the “then-remaining principal” was payable at the death to the estate of the survivor. In 1953, Holtz transferred property having a value of $384,117 to the trust. Approximately two years later he transferred an additional $50,000 in cash to the trust. The respondent determined as a result of these transfers, Holtz made taxable gifts in 1953 in the amount of $263,277.63 and in 1955, the amount of $35,570. The petitioner claims the transfers were not completed gifts and are not subject to a gift tax.
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