- 11 - of the other factors discussed herein which cause us to conclude that interests in the bonds themselves were the subject matter of the gifts. Moreover, the tax impact of the gifts, i.e., the potential loss, at an indeterminate future date, of a portion of petitioner's estate tax exemption by virtue of the utilization of the unified credit is a far cry from the income tax consequences of the receipt of wages by Hansen in Richard Hansen Land, Inc. v. Commissioner, T.C. Memo. 1993-248. Petitioner's principal argument rests on the absence of any legal obligation on Nancy, Meredith, or Permenter to use the funds provided by petitioner to acquire the remaining interests. While this is an important element, it is not controlling, as our opinion in Gordon v. Commissioner, supra, makes clear. Indeed, as we pointed out in Gordon, the freedom of Nancy, Meredith, and Permenter legally to refuse to utilize the funds provided by petitioner to pay for the remaining interests "is of minimal significance where * * * the facts reveal that the entire transaction was set up around the expectation that the joint implementation of the * * * [taxpayer's] investment strategy would occur." Gordon v. Commissioner, 85 T.C. at 331 n.16. We think that the pattern of the transactions herein unquestionably falls within the "expectation" parameter.9 Unquestionably, petitioner was the architect of the investment strategy and 9 Cf. Muserlian v. Commissioner, 932 F.2d 109, 113 (2d Cir. 1991, affg. T.C. Memo. 1989-493.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
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