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LINDSAY v. COMMISSIONER OF REVENUE

No. 46890.

253 N.W.2d 386 (1977)

Elizabeth T. LINDSAY, Respondent, v. COMMISSIONER OF REVENUE, Relator.

Supreme Court of Minnesota.

April 22, 1977.

Attorney(s) appearing for the Case

Warren Spannaus, Atty. Gen., James W. Neher, Spec. Asst. Atty. Gen., Dept. of Revenue, St. Paul, for relator.

Lindquist & Vennum and John A. Forrest, Minneapolis, for respondent.

Considered and decided by the court without oral argument.

OPINION

ROGOSHESKE, Justice.

The single issue on this review by certiorari of a decision of the Tax Court of Appeals concerns the method of valuing the present interests of five cash gifts placed in identical trusts for the purpose of determining the amount of the annual gift tax exclusion under Minn.St. 292.04(6). By the terms of the trust instruments, each beneficiary was entitled to receive trust income distributions at least annually and, upon reaching...

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