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COOK v. COMMISSIONER OF INTERNAL REVENUE SERVICE

No. 01-1471.

269 F.3d 854 (2001)

William A. COOK and Gayle T. Cook, Petitioners-Appellants, v. COMMISSIONER OF the INTERNAL REVENUE SERVICE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided October 22, 2001.

Attorney(s) appearing for the Case

George N. Harris, Jr. (argued), Kozusko Lahey Harris, Washington, DC, for Petitioners-Appellants.

Jonathan S. Cohen (argued), Department of Justice, Tax Division, Appellate Section, Washington, DC, for Respondent-Appellee.

Before: FLAUM, Chief Judge, and MANION, and WILLIAMS, Circuit Judges.

FLAUM, Chief Judge.

William A. Cook and Gayle T. Cook challenge a determination by the Tax Court that the spousal interests created in their respective Grantor Retained Annuity Trusts are not "qualified interests" within the meaning of 26 U.S.C. § 2702, and are therefore not entitled to exemptions from gift tax liability. For the reasons stated herein, we affirm the decision of the Tax Court.

I. BACKGROUND

In 1963, William and Gayle Cook established...

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