§2511 — Transfers in general

Held: The consequences of the transactions here are governed by the principles set out in Estate of Anenberg v. Commissioner, No. 856-21, 162 T.C. (May 20, 2024) (reviewed). Held, further, following Estate of Anenberg, assuming there was a transfer of property under I.R.C. § 2519 when the Residuary Trust was commuted, S is not liable for gift tax under I.R.C. § 2501 because S made no gratuitous transfers, as required by I.R.C.

payer] received more than she surrendered then, of course, no gift has been made”), aff’d, 250 F.2d 339 (9th Cir. 1957). A conclusion that Sally made a taxable gift in the circumstances here would be difficult to reconcile with the regulations under section 2511. Those regulations explain that the gift tax “is an excise upon [her] act of making the transfer [and] is measured by the value of the property passing from the donor.” Treas. Reg. § 25.2511-2(a). The regulations further observe that a “

* * * The IRS's notice ofdeficiency states: "It is determined that under IRC Section 2511 donor's merger ofKnight Tool Co.

* * * The IRS's notice ofdeficiency states: "It is determined that under IRC Section 2511 donor's merger ofKnight Tool Co.

The surviving spouse does not make a gift ofthe income interest under section 2511 because the consideration received for the income interest is equal to the value of the income interest.

The surviving spouse does not make a gift ofthe income interest under section 2511 because the consideration received for the income interest is equal to the value of the income interest.

2003-212); see also Martin Ice Cream Co.

More specifically, section 2503(b) provides that in computing gifts for the taxable year, a donor may exclude the first $10,000 of - 9 - gifts,3 other than gifts offuture interests in pfoperty, made to anyperson during the calendaryear.

The term "adjusted taxable gifts" means the total amount of taxable gifts (within the meaning of section 2503) made by the decedent after December 31, 1976, other than gifts which 29Because we conclude that the assets Clyde Sr.

Accordingly, transfers of property by gift, by whatever means effected, are subject to Federal gift tax. Dickman v. Commissioner, 465 U.S. at 334. Moreover, we have used substance over form principles to get to the true nature of the gift where the substance of a gift transfer does not fit its form. See Kerr v. Commissioner, 113 T.C. 449

,912 40,000 38,912 2001 78,760 40,000 38,760 Respondent explained those adjustments for 1999 as follows: (1) It is determined that the transfer of assets to the Holman Limited Partnership, [sic] is in substance an indirect gift within the meaning of I.R.C. Section 2511 of the assets to the other partners. (2) Alternatively, it is determined that in substance and effect the taxpayer's interest in Holman Limited Partnership is more analogous to an interest in a trust than to an interest in an oper

,912 40,000 38,912 2001 78,760 40,000 38,760 Respondent explained those adjustments for 1999 as follows: (1) It is determined that the transfer of assets to the Holman Limited Partnership, [sic] is in substance an indirect gift within the meaning of I.R.C. Section 2511 of the assets to the other partners. (2) Alternatively, it is determined that in substance and effect the taxpayer’s interest in Holman Limited Partnership is more analogous to an interest in a trust than to an interest in an oper

A gift of property is valued as of the date of the transfer. Sec. 2512(a). The gift is measured by the value of the property passing from the donor, rather than by the value of the property received by the donee or upon the measure of enrichment to the donee. See sec. 25.2511-2(a), Gift Tax Regs. - 12 - The fair market value of the tran

A gift of property is valued as of the date of the transfer. Sec. 2512(a). The gift is measured by the value of the property passing from the donor, rather than by the value of the property received by the donee or upon the measure of enrichment to the donee. See sec. 25.2511-2(a), Gift Tax Regs. - 12 - The fair market value of the tran

limited SERVED UUL 1 2 2004 partnerships, coupled with petitioners' transfers of limited partnership interests to their children (or in trust therefor), constitute indirect gifts of the stock to the children (or to the trusts) within the meaning of section 2511. Unless otherwise indicated, all section references are to the Internal Revenue Code in effect for the years in issue, and all Rule references are 'to the Tax Court Rules of Practice and Procedure. FINDINGS OF FACT Some of the facts have

§2511-1(h)(1) [sic] has no basis in fact or law, makes no sense, and is a totally unreasonable and unrealistic approach to this case." We also reject this argument. First, there is nothing in section 2512 or the cases decided thereunder to suggest that section 2512(a) applies to "direct gifts" in which the donor receives nothing in return or receiv

§2511-1(h)(1) [sic] has no basis in fact or law, makes no sense, and is a totally unreasonable and unrealistic approach to this case." - 25 - We also reject this argument. First, there is nothing in section 2512 or the cases decided thereunder to suggest that sectiön 2512(a) applies to "direct gifts" in which the donor receives nothing in return o

2511 (1994) prohibits interception and disclosure of wire, oral, or electronic communications, except as otherwise specifically provided. Sec. 2511(2)(c) specifically provides: (c). It shall not be unlawful under this chapter for a person acting under color of law to intercept a wire, oral, or electronic communication, where such a person is a