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O'REILLY v. C.I.R.

Nos. 91-2004, 91-2009.

973 F.2d 1403 (1992)

Alma M. O'REILLY, Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant. Charles H. O'REILLY, Sr., Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Eighth Circuit.

Decided September 1, 1992.

Attorney(s) appearing for the Case

Jonathan S. Cohen, Dept. of Justice, Washington, D.C., argued (Shirley D. Peterson, Asst. Atty. Gen., Gary R. Allen and Teresa T. Milton, Dept. of Justice, on brief), for respondent-appellant.

James F. McLeod, Springfield, Mo., argued (Vincent Tyndall, on brief), for petitioner-appellee.

Before LOKEN, Circuit Judge, BRIGHT, Senior Circuit Judge, and HANSEN, Circuit Judge.

LOKEN, Circuit Judge.

The Commissioner of Internal Revenue appeals the Tax Court's decision that Charles and Alma O'Reilly owe no additional gift tax for the 1985 and 1986 tax years. The issue turns on the valuation of the O'Reillys' gifts of O'Reilly Automotive, Inc., stock in trust to their children. The Commissioner objected to the O'Reillys' use of a gift tax actuarial table to value their retained right to dividend income from the stock. The Tax Court upheld...

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