Gifts through stockbroker are included in donor's estate.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on April 1, 1994. The length of the article is 976 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: A donor that gave his stockbroker irrevocable instructions to make 20 $10,000 gifts for him but died before the gifts could be transferred was not able to avoid the inclusion of the $200,000 in his estate, according to the Tax Court. For a gift to be effective, there must be intent, delivery and acceptance. The estate argued that the stockbroker was a trustee of the donees and delivery of the instruction letter constituted delivery of the gifts. The court disagreed by characterizing the stockbroker as an agent for the donor, and the gifts failed to meet the delivery requirement.

Citation Details
Title: Gifts through stockbroker are included in donor's estate.
Author: Peter C. Barton
Publication:The Tax Adviser (Magazine/Journal)
Date: April 1, 1994
Publisher: American Institute of CPA's
Volume: 25 Issue: n4 Page: 223(2)

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