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ESTATE OF CANFIELD v. COMMISSIONER

Docket Nos. 69587, 69588.

34 T.C. 978 (1960)

ESTATE OF ELLIE G. CANFIELD, DECEASED, KARL B. SMITH, JR., ADMINISTRATOR, C.T.A., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 15, 1960.

Attorney(s) appearing for the Case

Ewing Everett, Esq., and Stanley M. Moffat, Esq., for the petitioner.

Ellyne E. Strickland, Esq., Samuel B. Sterrett, Esq., and Jules W. Breslow, Esq., for the respondent.

OPINION.

DRENNEN, Judge:

Respondent determined a deficiency in gift tax liability of Ellie G. Canfield, deceased, for the year 1942 in the amount of $35,293.58, and a net estate tax deficiency against her estate in the amount of $117,153.13.

The issues for decision are: (1) Whether the release of a reserved testamentary general power of appointment by decedent in 1942 constituted a taxable gift of...

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