Fry v. Commissioner
United States Tax Court
Petitioner, engaged in the operation and management of two farm properties, executed two documents assigning his interest therein to his 18-year old daughter and 15-year old son. Thereafter he continued to exercise the same command over the properties and income therefrom as before. No disbursements of cash were made to the children except small amounts for their own personal use.
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Petitioner, engaged in the operation and management of two farm properties, executed two documents assigning his interest therein to his 18-year old daughter and 15-year old son. Thereafter he continued to exercise the same command over the properties and income therefrom as before. No disbursements of cash were made to the children except small amounts for their own personal use. Held, the net income from the operation of the two farms was properly included in the gross income of petitioner.
1Opinion of the Court
Daniel J. Fry, Petitioner, v. Commissioner of Internal Revenue, Respondent
Fry v. Commissioner
Docket No. 3689
United States Tax Court
4 T.C. 1045; 1945 U.S. Tax Ct. LEXIS 196;
March 30, 1945, Promulgated
Decision will be entered for the respondent.
Petitioner, engaged in the operation and management of two farm properties, executed two documents assigning his interest therein to his 18-year old daughter and 15-year old son. Thereafter he continued to exercise the same command over the properties and income therefrom as before. No disbursements of cash were made to the children except small amounts…
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