Helvering v. Hutchings - 312 U.S. 393 (1941)


U.S. Supreme Court

Helvering v. Hutchings, 312 U.S. 393 (1941)

Helvering v. Hutchings

No 419

Argued January 8, 1941

Decided March 3, 1941

312 U.S. 393

Syllabus

1. In the computation of the tax laid upon "net gifts" made during the calendar year, § 504(b) of the Revenue Act of 1932 provides that,

"In the case of gifts (other than of future interests in property) made to any person by the donor during the calendar year, the first $5,000 of such gifts . . . shall not . . . be included in the total amount of gifts made during such year."

Held, that where the donor conveyed property in trust for the benefit of numerous beneficiaries, he was entitled to separate exemptions or exclusions of $5,000 for each beneficiary. P. 312 U. S. 395.

The question whether the gifts to the beneficiaries were "future interests" within the meaning of the section is not decided, not having been presented by the petition for certiorari, but is left open for consideration by the Board of Tax Appeals.

2. In common understanding and usage, a gift is made to him upon whom the donor bestows the benefit of his donation. P. 312 U. S. 396.

111 F.2d 229 affirmed.

Certiorari, 311 U.S. 638, to review a decree reversing a decision of the Board of Tax Appeals, 40 B.T.A. 27, which sustained an additional assessment of gift taxes.



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