TAXATION - FEDERAL GIFT TAX - TAXABILITY OF INTEREST PASSING AT CREATION OF TENANCY BY ENTIRETY

On September 20, 1933, petitioner transferred by deed realty owned by him in fee to himself and his wife as tenants by the entirety. The commissioner of internal revenue determined that the transfer constituted a taxable gift under the Gift Tax Act of 1932. Petitioner took an appeal to the Board of Tax Appeals. Held, with one dissent, that such creation of a tenancy by the entireties did not constitute a taxable transfer under the Gift Tax Act. Hart v. Commissioner, 36 B. T. A. No. 176 (Dec. 28, 1937)