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sale of the stock as income to the donor only if at the
time of the gift, the donee is legally bound, or can be
compelled, to sell the shares. We treat Rev. Rul. 78-
197, supra, as a concession in the instant case. See
Walker v. Commissioner, 101 T.C. 537 (1993). There
remains no genuine issue of material fact regarding
whether the charitable donees were legally obligated,
or could be compelled, to sell the stock warrants at
the time of the assignments by Ps. Accordingly, Ps are
entitled to judgment as a matter of law.
John K. Steffen, Walter A. Pickhardt, and David R. Brennan,
for petitioners.
David L. Zoss, for respondent.
OPINION
RUWE, Judge: The matter is before us on petitioners’ motion
for partial summary judgment pursuant to Rule 121.1 Respondent
determined a deficiency of $1,322,295 in petitioners’ Federal
income taxes, and an accuracy-related penalty of $264,459
pursuant to section 6662(a), for 1993. The issue for decision is
whether the transfer of stock warrants to four charitable
institutions was an anticipatory assignment of the proceeds from
a sale of those warrants.
1All section references are to the Internal Revenue Code in
effect for the tax year in issue, and all Rule references are to
the Tax Court Rules of Practice and Procedure.
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