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asked to decide as a threshold issue whether petitioners may
deduct the charitable contribution. We conclude that they may
not.
Background
The parties fully stipulated the facts regarding the
threshold issue in this case under Rule 122.1 The stipulation of
facts and the accompanying exhibits are incorporated by this
reference, and the stipulated facts are so found. Petitioners
lived in Memphis, Tennessee, at the time they filed the petition.
References to petitioner are to Thomas B. Goldsby, Jr.
Petitioner and the Trust
Petitioner’s father, Thomas B. Goldsby, Sr., an Arkansas
resident, created the trust in 1976 as the settlor. The trust
agreement provides that the settlor’s son, petitioner, is the
sole income beneficiary and is entitled to all the net income.
The net income is to be paid quarterly if convenient but at least
annually. Petitioner’s children, the settlor’s grandchildren,
are the remainder beneficiaries under the trust agreement.
Pursuant to the trust agreement, the grandchildren shall receive
the trust corpus once petitioner dies.
1All Rule references are to the Tax Court Rules of Practice
and Procedure, and all section references are to the Internal
Revenue Code in effect for the year at issue, unless otherwise
indicated.
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Last modified: May 25, 2011