Transfer of Property's Qualification for Gift Exclusion at Issue

Business Valuation UpdateVol. 3 No. 7
Legal and Court Case Update
July 1997

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6733 Trusts, Except Educational, Religious, and Charitable
525920 Trusts, Estates, and Agency Accounts
estate and gift taxation
gift tax
Kohlsaat v. Commissioner
T.C. Memo 1997-212, 1997 Tax Ct. Memo LEXIS 247
May 7, 1997
US
Federal Court
United States Tax Court
Swift

Summary

At issue is whether or not the transfer of property in an irrevocable trust is eligible under section 2503(b) for the annual $10,000 gift exclusion with respect to each of 16 contingent beneficiaries of the trust.

See Also

Kohlsaat v. Commissioner

Full Text of Court Cases
May 7, 1997

At issue is whether, in the computation of petitioner's Federal estate tax, decedent's inter vivos transfer of property to an irrevocable trust is eligible under section 2503(b) for the annual gift tax exclusion.