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Lynch's process for receiving clearance to sell or transfer the
shares “took upwards of two weeks”. Indeed, the authorizations
to transfer the stock to the Charities are dated September 9,
1988. The donation-in-kind receipt from the Church received by
petitioner Michael Ferguson provides that the date of donation
for the 30,000 shares of AHC stock was September 9, 1988. The
statements of changes in beneficial ownership of securities
forwarded to the Securities and Exchange Commission by Billy G.
DuPree, Jr., indicate that the gifts occurred on September 9,
1988. Furthermore, petitioners have failed to explain how the
gifts to the charitable foundations occurred on August 15, 1988,
and August 21, 1988, respectively, when the foundations were
formed on or about August 26, 1988. Considering the substantial
documentary evidence, petitioners have failed to persuade us that
depositing stock in their brokerage accounts with instructions to
Brett Floyd to transfer some of the stock to the Charities
constituted the unconditional delivery of stock to a charitable
donee's agent pursuant to section 1.170A-1(b), Income Tax Regs.
In the alternative, petitioners, relying on Richardson v.
Commissioner, T.C. Memo. 1984-595, assert that petitioners'
transfer of the AHC stock to Brett Floyd created a voluntary
trust that completed the gifts on the date of delivery. In light
of our conclusion that Brett Floyd acted as petitioners' agent,
we reject petitioners' alternative argument.
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