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Walton V. Commissioner Jesse Russell

Walton V. Commissioner

Jesse Russell

Published February 6th 2012
ISBN : 9785512008843
Paperback
56 pages
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 About the Book 

High Quality Content by WIKIPEDIA articles! Walton v. Commissioner, 115 T.C. 589 (2000), a decision of the United States Tax Court in favor of taxpayer Audrey J. Walton, ruled that a grantors right to receive a fixed amount for a term of years, ifMoreHigh Quality Content by WIKIPEDIA articles! Walton v. Commissioner, 115 T.C. 589 (2000), a decision of the United States Tax Court in favor of taxpayer Audrey J. Walton, ruled that a grantors right to receive a fixed amount for a term of years, if that right is a qualified interest within the meaning of Section 2702(b), is valued for gift tax purposes under Section 7520, without regard to the life expectancy of the transferor. More simply, a grantors estates contingent interest in a grantor-created annuity upon the grantors death does not constitute a gift to anyone- but rather, is a retained interest of the grantor.