Crane v. Commissioner
United States Tax Court
On January 10, 1950, petitioner Winthrop M. Crane, Jr., his two sons, a business associate of his, Laurence R. Connor, and a bank executed an instrument which in form purported to create a 2-year trust with respect to certain shares of stock in Eaton Paper Corp. subsequently purchased by the bank with funds advanced to it by Crane, Jr., and as to which trust the bank would be the trustee, Crane's sons and Connor the beneficiaries, and Crane, Jr., the grantor.
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On January 10, 1950, petitioner Winthrop M. Crane, Jr., his two sons, a business associate of his, Laurence R. Connor, and a bank executed an instrument which in form purported to create a 2-year trust with respect to certain shares of stock in Eaton Paper Corp. subsequently purchased by the bank with funds advanced to it by Crane, Jr., and as to which trust the bank would be the trustee, Crane's sons and Connor the beneficiaries, and Crane, Jr., the grantor. Under the terms of the trust, Crane's sons and Connor had an option to purchase the stock at the trustee's average cost. If the option…
1Opinion of the Court
OPINION
Dawson, Judge:
Deficiencies in income taxes have been determined by respondent against the petitioners as follows:
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These dockets were consolidated for hearing and opinion. In docket ISTo. 528-64, petitioners claim an overpayment in the amount $1,453.50. The issue raised in paragraph 4(e) of the petition in docket No. 528-64 has been settled by the parties, thus leaving for our consideration two questions: (1) Whether respondent erred in disallowing as a long-term, rather than a short-term, capital gain the amounts realized on the sale of certain corporate stock and (2)…
Also in this document: Concurrence.
2Cases cited13 opinions
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
- National Shawmut Bank v. JoyMassachusetts Supreme Judicial Court · 1944
- Kerwin v. DonaghyMassachusetts Supreme Judicial Court · 1945
- Bothwell v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1935
- Weir v. CommissionerUnited States Tax Court · 1948
8 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Vaira v. CommissionerUnited States Tax Court · 1969
- Haserot v. CommissionerUnited States Tax Court · 1966
- La Fargue v. CommissionerUnited States Tax Court · 1979
- Scheft v. CommissionerUnited States Tax Court · 1972
- Winthrop M. Crane, III v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1966
8 more not listed; retrieve them via the Exa API.