Federal Estate and Gift Taxation

Abstract

THE year 19571 was not a particularly notable one so far as developments in the field of federal gift and estate taxes are concerned. Indeed, with considerable justification one might contend that what did not happen during 1957 was more significant than what did happen. The Supreme Court did not hand down a single decision in this field. 2 Congress enacted no legislation affecting these taxes. 3 The Treasury did not issue the gift and estate tax regulations under the 1954 Code. 4 The year 1958 promises to tell a different story. The Supreme Court almost certainly will decide one important case. A tax measure of some sort seems virtually certain of enactment by Congress.! And the Treasury presumably will not delay issuance of the long awaited regulations for another full year. Judging by the provisions of the proposed Technical Amendments Bill of 1957,1 as reported out of the House Ways and Means Committee, there was little indication that Congress was ready to undertake any drastic revision of the gift and estate tax sections of the 1954 Code. Of the five provisions relating to these taxes in the bill, three were of minor interest.8 One, section 57, adds a new section 2517 to