- 28 -
reissued warrant on November 11, 1993, that the donees
acknowledged receiving those warrants on November 12, 1993, and
that on November 12, 1993, NMG’s warrant ledger was changed to
reflect the donees as owners of the warrants. We find that the
requisites for completed gifts were met no later than November
12, 1993. Accordingly, we must decide whether, as of that date,
the charitable donees were legally bound, or could be compelled,
to sell their stock to NMG or WCP.
4. Whether the Donees Were Legally Bound or Could Be
Compelled To Sell the Stock Warrants
Petitioners argue that as of November 12, 1993, the date the
warrants were transferred on the books of NMG, the donees had not
entered into any agreement to sell the warrants and could not be
compelled by any legal means to transfer the warrants.
Accordingly, they contend that, as a matter of law, there was not
an assignment of income. Petitioners submitted affidavits from
representatives of the donees in support of their motion for
partial summary judgment. Each of those affidavits outlines the
events which preceded the assignments, each states that the stock
warrants were received on November 12, 1993, and each also states
that, as of that date, the donees had not entered into agreements
to sell the stock warrants.
Respondent questioned the reliability of those affidavits,
and he contended that the affidavits were deficient in that they
failed to state the personal involvement of the representatives
Page: Previous 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 NextLast modified: May 25, 2011