When Sommers are Winters: Do Blanks Denote Revocability?

4 Pages Posted: 25 Mar 2013

See all articles by Wendy C. Gerzog

Wendy C. Gerzog

University of Baltimore - School of Law

Date Written: March 25, 2013

Abstract

In Sommers, ruling on both parties’ motions for partial summary judgment, the Tax Court dealt with claims of issue preclusion and collateral estoppel, equitable apportionment, the completion of gifts of limited liability company interests, and retained powers that would cause estate tax inclusion. Two aspects of Sommers held particular interest for me. The first is that the parties appear to be arguing their opponent’s conventional position. The second is that the court grappled with whether the blanks left in the gift documents were immaterial to gift completion; however, the court did not address whether the decedent’s completed gifts qualified for the annual exclusion or whether their value was unascertainable at the time of the gifts for any donee to obtain immediate use or possession of the transferred property.

Keywords: equitable apportionment, LLC, gift completion, defined value clause, issue preclusion, collateral estoppel, gift tax, estate tax, annual exclusion

JEL Classification: K34, H2, H10, H20, H22, H23, H24, H29

Suggested Citation

Gerzog, Wendy C., When Sommers are Winters: Do Blanks Denote Revocability? (March 25, 2013). Tax Notes, Vol. 138, No. 12, 2013. Available at SSRN: https://ssrn.com/abstract=2238958

Wendy C. Gerzog (Contact Author)

University of Baltimore - School of Law ( email )

1420 N. Charles Street
Baltimore, MD 21218
United States
410-837-4522 (Phone)

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