Estate of Stefanowski v. Commissioner
United States Tax Court
A qualified profit-sharing trust was terminated as of Jan. 2, 1971. The employee-participant died on Feb. 23, 1971. His share of the assets of the trust was distributed to his designated beneficiary on Mar. 25, 1971, and included an element of appreciation in the value of the trust assets subsequent to the date of death.
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A qualified profit-sharing trust was terminated as of Jan. 2, 1971. The employee-participant died on Feb. 23, 1971. His share of the assets of the trust was distributed to his designated beneficiary on Mar. 25, 1971, and included an element of appreciation in the value of the trust assets subsequent to the date of death. Held, the distribution was made on account of the termination of the trust and not on account of the employee-participant's death and is therefore not entitled to capital gains treatment under sec. 402(a) (2) or to the death benefit exclusion under sec. 101, I.R.C. 1954.
1Opinion of the Court
Estate of Robert A. Stefanowski, Deceased, June Stefanowski, Surviving Spouse, and June Stefanowski, Petitioners v. Commissioner of Internal Revenue, Respondent
Estate of Stefanowski v. Commissioner
Docket No. 7942-73
United States Tax Court
63 T.C. 386; 1974 U.S. Tax Ct. LEXIS 4;
December 19, 1974, Filed
Decision will be entered for the respondent.
A qualified profit-sharing trust was terminated as of Jan. 2, 1971. The employee-participant died on Feb. 23, 1971. His share of the assets of the trust was distributed to his designated beneficiary on Mar. 25, 1971, and included an element of…
2Cases cited10 opinions
- United States v. Ophelia Johnson and Ophelia R. Johnson, as Under the Last Will and Testament of Clifford L. Johnson, DeceasedCourt of Appeals for the Fifth Circuit · 1964
- Miller v. CommissionerUnited States Tax Court · 1954
- Judkins v. CommissionerUnited States Tax Court · 1959
- Patty R. Smith v. United StatesCourt of Appeals for the Sixth Circuit · 1972
- Schlegel v. CommissionerUnited States Tax Court · 1966
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