Austin v. Commissioner
United States Tax Court
During 1972 and 1973, petitioner received cash and a house from a man to whom she was a companion. The man died in late 1973. In 1974, petitioner sued the man's estate for seven million dollars. She reached a settlement with the estate in late 1975 under which she received $42,500 (net, $19,000) and abandoned her other claims.
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During 1972 and 1973, petitioner received cash and a house from a man to whom she was a companion. The man died in late 1973. In 1974, petitioner sued the man's estate for seven million dollars. She reached a settlement with the estate in late 1975 under which she received $42,500 (net, $19,000) and abandoned her other claims. Held: (1) The payments received by petitioner in 1972 and 1973 constitute gifts, excludable from income under sec. 102, I.R.C. 1954; the 1975 payment by the estate is includable in income under sec. 61(a)(1), I.R.C. 1954. (2) Liability determined for additions to tax…
1Opinion of the Court
CATHY SURWILLO AUSTIN, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Austin v. Commissioner
Docket No. 13172-80.
United States Tax Court
T.C. Memo 1985-22; 1985 Tax Ct. Memo LEXIS 607; 49 T.C.M. (CCH) 520; T.C.M. (RIA) 85022;
January 14, 1985.
During 1972 and 1973, petitioner received cash and a house from a man to whom she was a companion. The man died in late 1973. In 1974, petitioner sued the man's estate for seven million dollars. She reached a settlement with the estate in late 1975 under which she received $42,500 (net, $19,000) and abandoned her other claims.
Held: (1) The…
2Cases cited18 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Bixby v. CommissionerUnited States Tax Court · 1972
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Stratton v. CommissionerUnited States Tax Court · 1970
- Henry Schwartz Corp. v. CommissionerUnited States Tax Court · 1973
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