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What is Trust Income as Present Interest Tax Case about?

This case involves whether gifts to trusts for minors constitute present interests or future interests for gift tax purposes. The Tax Court held that the portions of gifts providing income to minors during their minority were present interests based on the division of property interests. The Commissioner appealed, arguing that for the exclusion both the gifted property and income must meet the statutory conditions. The Circuit Court affirmed, finding that the right to income during minority is a present int

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Scribd Government Docs

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EN