March 17, 1977
IRVING I. RUSOFF ET AL., APPELLANTS
COMMISSIONER OF INTERNAL REVENUE, APPELLEE.
Present HON. WILLIAM HUGHES MULLIGAN, HON. JAMES L. OAKES, Circuit Judges, HON. KEVIN T. DUFFY, District Judge.
Grantor trust: Charitable contribution: Patent interest: Deduction by donor: Donative intention. - The Court of Appeals affirmed without opinion the decision of the Tax Court that the individual transferors of a patent through a trust (found to be a grantor trust) to an educational institution were not entitled to charitable contribution deductions in a total amount equal to fair market value. They expected to make a profit in the form of royalties paid them by the trust. Back references: [*] 1864.41 and 3749.16.
Paul H. Frankel, 19 Burnt Mill Circle, Oceanport, N.J. 07757, for appellants. Leonard Henzke, Assistant Attorney General, Department of Justice, Washington, D.C. 20530, for appellee.
This cause came on to be heard on the transcript of record from the United States Tax Court, and was argued by counsel.
ON CONSIDERATION WHEREOF, it is now hereby ordered, adjudged, and decreed that the decisions of said Tax Court be and they hereby are affirmed on the opinion below reported at 65 T.C. 459 (1975).
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