Michael Ferguson and Valene Ferguson - Page 16

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          is not in dispute.  The contested issue is the date of those                
               Petitioners, relying on section 1.170A-1(b), Income Tax                
          Regs., assert that the gifts occurred when their AHC stock                  
          certificates along with irrevocable instructions regarding their            
          donations to the Charities were delivered to Brett Floyd, who               
          served in the capacity of agent for the Charities.  Thus,                   
          petitioners contend that the gifts by Michael Ferguson occurred             
          on August 15, 1988, and that the gifts by Roger and Sybil                   
          Ferguson occurred on August 21, 1988.                                       
               Section 1.170A-1(b), Income Tax Regs., provides:                       
               Ordinarily, a contribution is made at the time delivery                
               is effected.  * * *  If a taxpayer unconditionally                     
               delivers or mails a properly endorsed stock certificate                
               to a charitable donee or the donee's agent, the gift is                
               completed on the date of delivery or, if such                          
               certificate is received in the ordinary course of the                  
               mails, on the date of mailing.  If the donor delivers                  
               the stock certificate to his bank or broker as the                     
               donor's agent, or to the issuing corporation or its                    
               agent, for transfer into the name of the donee, the                    
               gift is completed on the date the stock is transferred                 
               on the books of the corporation.  * * *                                
          This Court in Londen v. Commissioner, 45 T.C. 106 (1965),                   
          considered the application of section 1.170-1(b), Income Tax                
          Regs., the precursor to the regulation relied on by petitioners.            
          In that case, the taxpayer delivered an executed stock                      
          certificate to his agent (though the taxpayer argued that the               
          agent was the agent of the donee) and instructed the agent to               
          transfer the stock to a charity in December 1959; the transfer              

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