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KRAUSE v. COMMISSIONER

Docket No. 2878-69.

56 T.C. 1242 (1971)

VICTOR W. KRAUSE AND ESTATE OF GERTRUDE C. KRAUSE, DECEASED, GORDON C. KRAUSE, ADMINISTRATOR, C.T.A., PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 31, 1971.

Attorney(s) appearing for the Case

Lewis A. Engman and R. Malcolm Cumming, for the petitioners.

Gary F. Walker, for the respondent.

OPINION

FEATHERSTON, Judge:

Respondent determined a deficiency in petitioners' Federal income tax for 1964 in the amount of $91,249.05. The issue for decision is whether funds derived by trusts from dividends and loans and used, pursuant to the trust instruments, to pay the gift taxes resulting from the creation of the trusts are income taxable to petitioners.

Victor W. Krause (hereinafter referred to as petitioner) and Gordon C. Krause, administrator...

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