Spruance v. Commissioner
United States Tax Court
Under the terms of a 1955 separation agreement between petitioner and his wife, petitioner was to transfer appreciated stock in trust; the trust was to be irrevocable; income from the stock was to go in part to the wife for her support and in part to the children while minors, the remainder to the children after the death of the surviving former spouse. The subsequent decree of divorce approved, incorporated, and directed compliance with and performance of the agreement.
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Under the terms of a 1955 separation agreement between petitioner and his wife, petitioner was to transfer appreciated stock in trust; the trust was to be irrevocable; income from the stock was to go in part to the wife for her support and in part to the children while minors, the remainder to the children after the death of the surviving former spouse. The subsequent decree of divorce approved, incorporated, and directed compliance with and performance of the agreement. The agreement itself survived and was carried out. At the time of the transfer, one child was an adult. Petitioner did not…
1Opinion of the Court
Preston Lea Spruance, Trustee of Trust Created by Separation Agreement Between Preston Lea and Margaret Halsey Spruance, Petitioner v. Commissioner of Internal Revenue, Respondent; Preston Lea Spruance, Petitioner v. Commissioner of Internal Revenue, Respondent
Spruance v. Commissioner
Docket Nos. 2501-69, 4013-70
United States Tax Court
60 T.C. 141; 1973 U.S. Tax Ct. LEXIS 134; 60 T.C. No. 18;
April 30, 1973, Filed
Decisions will be entered under Rule 50.
Under the terms of a 1955 separation agreement between petitioner and his wife, petitioner was to transfer appreciated stock in trust; the trust…
2Cases cited38 opinions
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Stone v. WhiteSupreme Court of the United States · 1937
- United States v. DavisSupreme Court of the United States · 1962
- Commissioner v. WemyssSupreme Court of the United States · 1945
- United States v. E. I. Du Pont De Nemours & Co.Supreme Court of the United States · 1961
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