Dieter Stussy - Page 4

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          Residence for as long as the Foundation desired.  Mr. Stussy                
          amended the Trust the second time to provide that certain                   
          investments, as well as the pension benefits and the Artwork,               
          would pass to the Foundation upon his death, and to name this               
          provision "CHARITABLE GIFT".                                                
               Mr. Stussy died on July 31, 1990.  Until that time, he                 
          resided at the Residence and was the only person entitled to                
          receive distributions of income or principal from the Trust.                
          Petitioner inherited the Residence upon Mr. Stussy's death.                 
               Mr. Stussy's estate filed Mr. Stussy's 1990 Federal income             
          tax return, including an amendment thereto (collectively, the               
          Return).  The Return claimed a charitable contribution of                   
          $262,697, based on the transfer of the Rooms to the Foundation.             
          This contribution is the subject of the carryovers at issue                 
          herein.                                                                     
                                       OPINION                                        
               Respondent determined that petitioner may not deduct the               
          amounts that he reported as charitable contribution carryovers.             
          Respondent argues primarily that Mr. Stussy, if anyone, was                 
          entitled to a charitable contribution deduction for the transfer            
          of the Rooms to the Foundation and that any unused carryover that           
          remained at his death expired upon his death.  Petitioner argues            
          that the unused charitable contribution at the time of                      
          Mr. Stussy's death passed to petitioner because the Trust,                  
          although a grantor trust upon formation, changed into a                     




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