Sheaffer v. Commissioner
United States Tax Court
In 1954 petitioner Virginia D. Sheaffer entered into a trust agreement with a bank as trustee wherein petitioner created a separate trust for each of her four children and transferred to the trustee 70,000 shares of the common stock of W. A. Sheaffer Pen Company. The trustee agreed to assume and pay all gift taxes which shall or may be assessed or become due from anyone by reason of the transfer.
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In 1954 petitioner Virginia D. Sheaffer entered into a trust agreement with a bank as trustee wherein petitioner created a separate trust for each of her four children and transferred to the trustee 70,000 shares of the common stock of W. A. Sheaffer Pen Company. The trustee agreed to assume and pay all gift taxes which shall or may be assessed or become due from anyone by reason of the transfer. In 1954 and 1955 the Pen Company paid the trustee as dividends on the 70,000 shares the amounts of $ 140,000 and $ 115,500, respectively. On March 14, 1955, petitioners each filed a United States…
1Opinion of the Court
Estate of Craig R. Sheaffer, Deceased, Walter A. Sheaffer II, and John D. Sheaffer, Executors, and Virginia D. Sheaffer, Petitioners, v. Commissioner of Internal Revenue, Respondent
Sheaffer v. Commissioner
Docket No. 84269
United States Tax Court
37 T.C. 99; 1961 U.S. Tax Ct. LEXIS 40;
October 31, 1961, Filed
Decision will be entered under Rule 50.
In 1954 petitioner Virginia D. Sheaffer entered into a trust agreement with a bank as trustee wherein petitioner created a separate trust for each of her four children and transferred to the trustee 70,000 shares of the common stock of W. A. Sheaffer Pen…
2Cases cited10 opinions
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Fletcher Trust Co. v. COMMISSIONER OF INT. REVENUECourt of Appeals for the Seventh Circuit · 1944
- Fletcher Trust Co. v. CommissionerUnited States Tax Court · 1943
- Sheaffer v. CommissionerUnited States Tax Court · 1961
- Staley v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1943
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