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CHARLES v. HASSETT

No. 389.

43 F.Supp. 432 (1942)

CHARLES v. HASSETT, Acting Collector of Internal Revenue.

District Court, D. Massachusetts.

February 13, 1942.

Attorney(s) appearing for the Case

James Garfield and Choate, Hall & Stewart, all of Boston, Mass. (John Dane, Jr., of Boston, Mass., on the brief), for plaintiff.

Arthur L. Jacobs, Sp. Asst. to the Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., Andrew D. Sharpe, Sp. Asst. to the Atty. Gen., and Edmund J. Brandon, U. S. Atty., and George F. Garrity, Asst. U. S. Atty., both of Boston, Mass., on the brief), for defendant.

WYZANSKI, District Judge.

Section 504 (b) of the Revenue Act of 1932, 26 U.S.C.A. Int.Rev.Acts, page 585, allowed the exclusion from gift tax computations of the first $5,000 "of gifts (other than of future interests in property) made to any person by the donor during the calendar year."

Here the donor, in essence, gave $5,000 to a trustee to pay the income to A while living and to pay the principal to him one-third at 25, one-third at 30 and one-third at...

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