- 17 - 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. MerrillPage: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Next
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