Legal Opinion
Adaline v. Kincaid v. United States
Court of Appeals for the Fifth Circuit
Decided August 20, 1982No. 81-1317PublishedCited by 43 opinions
1Opinion of the Court
ALVIN B. RUBIN, Circuit Judge:
Solely in exchange for nonvoting stock, an eighty-year-old taxpayer conveyed her 5700-acre Texas ranch, worth $634,000, to a closely held corporation in which she owned only 34% of the voting stock. Shortly thereafter she gave most of the stock she had received to her children and grandchildren. The Internal Revenue Service assessed a deficiency in gift tax based on its appraisal of the stock. The taxpayer paid the tax and sued in district court for a refund. The jury valued the stock at an amount substantially below the value as-, sessed by the IRS and found…
2Cases cited10 opinions
- Lewis v. ReynoldsSupreme Court of the United States · 1932
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Robinette v. HelveringSupreme Court of the United States · 1943
- Fehrs v. United StatesUnited States Court of Claims · 1980
- Willie Byrd v. Hunt Tool Shipyards, Inc., Pulmosan Safety Equipment CorporationCourt of Appeals for the Fifth Circuit · 1981
5 more not listed; retrieve them via the Exa API.
3Cited by43 opinions
- Jose Bueno, Leon Trevino and Victor Alegria, Cross-Appellants v. City of Donna, Cross-AppelleesCourt of Appeals for the Fifth Circuit · 1983
- Shepherd v. CommissionerUnited States Tax Court · 2000
- CTUW Hollingsworth v. CommissionerUnited States Tax Court · 1986
- J. C. Shepherd v. Comr. of IRSCourt of Appeals for the Eleventh Circuit · 2002
- Estate of Strangi v. CommissionerUnited States Tax Court · 2000
38 more not listed; retrieve them via the Exa API.