EARLY v. REID

No. 4642.

112 F.2d 718 (1940)

EARLY, Collector of Internal Revenue, v. REID.

Circuit Court of Appeals, Fourth Circuit.

August 7, 1940.


Attorney(s) appearing for the Case

Berryman Green, Sp. Asst. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Sp. Asst. to Atty. Gen. (Sterling Hutcheson, U. S. Atty., and Russell T. Bradford, Asst. U. S. Atty., both of Norfolk, Va., on the brief), for appellant.

Charles L. Kaufman, of Norfolk, Va., for appellee.

Before PARKER and SOPER, Circuit Judges, and CHESNUT, District Judge.


SOPER, Circuit Judge.

The question presented by this appeal is whether one exclusion of $5,000 or nine exclusions aggregating $43,929.40 are allowable under § 504 (b) of the Revenue Act of 1932, 47 Stat. 169, 26 U.S.C.A.Int.Rev. Acts, page 585, in computing the gift tax upon a transfer of real estate by indenture of trust from the taxpayer to trustees for the benefit of his wife, two children and six grandchildren. The several beneficiaries acquired present interests...

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