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is not in dispute. The contested issue is the date of those
gifts.
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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