Hayes v. Commissioner
United States Tax Court
On April 2, 1986, H and W entered into a separation agreement which provided that H would purchase W's stock in J, a corporation of which they were the sole stockholders. On June 4, 1986, an Ohio court entered a judgment of divorce with respect to H and W which incorporated their separation agreement, including the provision obligating H to purchase W's stock in J. On the same day, W and J executed an agreement in which J agreed to redeem W's stock.
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On April 2, 1986, H and W entered into a separation agreement which provided that H would purchase W's stock in J, a corporation of which they were the sole stockholders. On June 4, 1986, an Ohio court entered a judgment of divorce with respect to H and W which incorporated their separation agreement, including the provision obligating H to purchase W's stock in J. On the same day, W and J executed an agreement in which J agreed to redeem W's stock. J made one payment in redemption of W's stock on December 31, 1986, and a final payment on March 31, 1987. On March 3, 1987, the Ohio court which…
1Opinion of the Court
CHIECHI, Judge:
Respondent determined the following deficiencies in Federal income tax with respect to petitioner Jimmy L. Hayes (Mr. Hayes) and petitioner Mary Ruth Hayes (Ms. Hayes):
Petitioner Year Deficiency
Jimmy L. Hayes 1986 $56,527
1987 5,390
Mary Ruth Hayes 1986 18,608
1987 3,925
FINDINGS OF FACT
Some of the facts have been stipulated and are so found. At the time their respective petitions were filed, Mr. Hayes and Ms. Hayes resided at separate addresses in Shaker Heights, Ohio.
Mr. Hayes and Ms. Hayes married in 1953. Divorce proceedings to end their marriage were pending during 1986. At…
2Cases cited34 opinions
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- Morgan v. CommissionerSupreme Court of the United States · 1940
- Wall v. United StatesCourt of Appeals for the Fourth Circuit · 1947
- William J. Sullivan and Georgia K. Sullivan v. United StatesCourt of Appeals for the Eighth Circuit · 1966
- Webb v. Western Reserve Bond & Share Co.Ohio Supreme Court · 1926
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