Kaufman's, Inc. v. Commissioner
United States Tax Court
On December 20, 1935, Hattie Kaufman transferred the title to certain property to her son, Stanley, in part as a gift, and in part in exchange for an annuity agreement by which Stanley obligated himself to pay Hattie $ 400 per month for the remainder of Hattie's life. The property included the land and building in which Stanley operated a retail department store.
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On December 20, 1935, Hattie Kaufman transferred the title to certain property to her son, Stanley, in part as a gift, and in part in exchange for an annuity agreement by which Stanley obligated himself to pay Hattie $ 400 per month for the remainder of Hattie's life. The property included the land and building in which Stanley operated a retail department store. Stanley made the payments required by the annuity contract from January 1, 1936, to June 30, 1946. He deducted part of the payments so made as interest in the respective years paid. He also deducted depreciation, using as a basis the…
1Opinion of the Court
Kaufman's, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Kaufman's, Inc. v. Commissioner
Docket No. 57540
United States Tax Court
28 T.C. 1179; 1957 U.S. Tax Ct. LEXIS 90;
September 19, 1957, Filed
Decision will be entered under Rule 50.
On December 20, 1935, Hattie Kaufman transferred the title to certain property to her son, Stanley, in part as a gift, and in part in exchange for an annuity agreement by which Stanley obligated himself to pay Hattie $ 400 per month for the remainder of Hattie's life. The property included the land and building in which Stanley operated a retail…
2Cases cited20 opinions
- Autenreith v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1940
- Joyce v. CommissionerUnited States Tax Court · 1955
- Reliable Incubator & Brooder Co. v. CommissionerUnited States Tax Court · 1946
- Haley v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1953
- Klein v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1936
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