https://www.taxtmi.com/caselaws?id=35801 Reconstitution of a partnership and admission of minors to the benefits of the firm can amount to a transfer of part of a partner's interest in goodwill for gift-tax purposes if the statutory conditions are met. A taxable gift requires a voluntary transfer of existing property without consideration in money or money's worth, and the statutory definition of transfer is broad enough to cover transactions that diminish one person's property and increase another's. Whether gift-tax arises depends on the factual position, including the firm's net assets and whether any capital or other consideration was provided for the minors. The Tribunal's view that no gift-tax could arise as a matter of law was rejected. en-us Thu, 17 Aug 1978 00:00:00 +0530 Tue, 16 Mar 2010 17:06:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35801 Reconstitution of a partnership and admission of minors to the benefits of the firm can amount to a transfer of part of a partner's interest in goodwill for gift-tax purposes if the statutory conditions are met. A taxable gift requires a voluntary transfer of existing property without consideration in money or money's worth, and the statutory definition of transfer is broad enough to cover transactions that diminish one person's property and increase another's. Whether gift-tax arises depends on the factual position, including the firm's net assets and whether any capital or other consideration was provided for the minors. The Tribunal's view that no gift-tax could arise as a matter of law was rejected. Case-Laws Income Tax Thu, 17 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35801