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GILMORE v. COMMISSIONER OF INTERNAL REVENUE

No. 12037.

213 F.2d 520 (1954)

GILMORE v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals, Sixth Circuit.

June 2, 1954.

Attorney(s) appearing for the Case

William M. Emery, Chicago, Ill. (E. H. McDermott, John S. Pennell, Chicago, Ill., on the brief), for petitioner.

Walter Akerman, Jr., Washington, D. C. (H. Brian Holland, Ellis N. Slack, Lee A. Jackson, on the brief), for respondent.

Before ALLEN and McALLISTER, Circuit Judges, and GOURLEY, District Judge.

McALLISTER, Circuit Judge.

The issue in this case is whether a gift of property in trust for the benefit of minors, providing that the trustees pay the principal and income to the beneficiaries upon their demand, with a further provision permitting the trustees to invest the trust funds in income or non-income producing investments, is a gift of a present interest. If such gift is one of a present interest, it is not taxable to the donor under Title 26 U.S.C.A. &...

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