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McNEICE v. COMMISSIONER

Docket No. 12453-79.

41 T.C.M. 969 (1981)

T.C. Memo. 1981-86

Neil E. McNeice and H. Maxine McNeice v. Commissioner.

United States Tax Court.

Filed February 25, 1981.

Attorney(s) appearing for the Case

H. William Lyle, 4651 North First Ave., Tucson, Ariz., for the petitioners. David W. Otto, for the respondent.

Memorandum Opinion

HALL, Judge:

Respondent determined a $105,423 deficiency in petitioners' 1975 income tax and a $42,675 deficiency in petitioners' 1976 income tax. The issue for decision1 is whether petitioners realized gain upon the gift of stock to an irrevocable trust when the gift was conditioned on the trustee's paying the resulting gift tax liability. This case was submitted fully stipulated.

Petitioners, Neil...

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