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became effective in January 1960. The Court held that the date
on which the donor instructed his agent to transfer the stock to
the donee was not determinative of when the gift was complete.
See id. at 110. Delivery of the gift of stock was complete upon
relinquishment of dominion and control of the stock by the donor,
which occurred upon actual transfer on the books of the issuing
corporation. Id.; Morrison v. Commissioner, T.C. Memo. 1987-112.
The Court noted that even if the taxpayer's obligation upon
delivery to his agent “were a legal instead of a moral one, the
existence of an obligation is not synonymous with its
implementation.” Londen v. Commissioner, supra at 110.
First, the facts indicate that Brett Floyd acted as
petitioners' agent and not the Charities' agent. Brett Floyd not
only facilitated the transfer of AHC stock to the Charities, but
also assisted petitioners in the exchange of their AHC stock for
shares of CDI and the tender of their remaining shares in
accordance with the tender offer. The fact that Brett Floyd may
have assisted the Church on previous occasions does not change
the nature of his role with respect to the transactions involving
petitioners. When petitioners Roger and Sybil Ferguson and
Michael Ferguson placed, with the assistance of Brett Floyd,
341,366 and 391,651 shares of AHC stock in their respective
accounts, Brett Floyd acted as petitioners' agent. Second,
petitioners delivered to Brett Floyd stock that Merrill Lynch
would not immediately sell or otherwise transfer. Merrill
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