Pityo v. Commissioner
United States Tax Court
Petitioner established trusts for the benefit of members of his family, with a bank as trustee. He then sold to three of the trusts certain appreciated securities, receiving long-term installment notes for the selling price. Shortly thereafter, the trustee sold a portion of these securities in the open market and invested the cash proceeds in mutual fund periodic withdrawal programs.
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Petitioner established trusts for the benefit of members of his family, with a bank as trustee. He then sold to three of the trusts certain appreciated securities, receiving long-term installment notes for the selling price. Shortly thereafter, the trustee sold a portion of these securities in the open market and invested the cash proceeds in mutual fund periodic withdrawal programs. Thereafter, regular periodic cash withdrawals were made from the mutual fund plans by the trusts in the amounts needed to make the payments on the installment notes to petitioner. Held: Petitioner is entitled to…
1Opinion of the Court
Featherston, Judge:
Respondent determined a deficiency in petitioners’ joint Federal income tax for 1972 in the amount of $151,549. As a result of concessions by petitioners, the sole issue remaining, for decision is whether petitioners are entitled to report the gain on the sale of certain securities on the installment method under section 453.1
FINDINGS OF FACT
Petitioners William D. Pityo and Patricia A. Pityo, husband and wife, were legal residents of St. Petersburg, Fla., when they filed their petition. They filed a joint Federal income tax return for 1972 with the Internal Revenue Service…
2Cases cited26 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- Griffiths v. CommissionerSupreme Court of the United States · 1939
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
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3Cited by30 opinions
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