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BLASDEL v. COMMISSIONER

Docket No. 7420-70.

58 T.C. 1014 (1972)

JACOB W. BLASDEL AND RUTH ALICE BLASDEL, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 25, 1972.

Attorney(s) appearing for the Case

John A. Bailey and William C. W. Haynes, for the petitioners.

James N. Mullen, for the respondent.

FEATHERSTON, Judge:

Respondent determined identical deficiencies of $5,959.50 in the gift tax liabilities of Jacob W. Blasdel and Ruth Alice Blasdel for the calendar year 1967. The issue presented for decision is whether gifts of fractional beneficial interests in a trust made by petitioners to 18 family members (their children, the children's spouses, and petitioners' grandchildren) were gifts of present rather than future interest in property so as to entitle...

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