Leila G. Newhall Unitrust v. Commissioner
United States Tax Court
P is a charitable remainder unitrust within the meaning of sec. 664(d)(2), I.R.C. P was a shareholder in N, a publicly traded company. In 1983 N underwent a partial liquidation and transferred certain of its assets to two newly formed limited partnerships. In 1983 P received as a distribution from N interests in the two limited partnerships, such interests also being publicly traded.
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P is a charitable remainder unitrust within the meaning of sec. 664(d)(2), I.R.C. P was a shareholder in N, a publicly traded company. In 1983 N underwent a partial liquidation and transferred certain of its assets to two newly formed limited partnerships. In 1983 P received as a distribution from N interests in the two limited partnerships, such interests also being publicly traded. In 1985 N underwent a complete liquidation and transferred its remaining assets to a limited partnership. P, as a shareholder of N, received interests in this third limited partnership in cancellation of its N…
1Opinion of the Court
OPINION
Raum, Judge:
The Commissioner determined deficiencies and additions to tax as follows:
Addition to tax sec. TYE Deficiency 66611
Dec. 31, 1988 $74,035 $18,508.75
Dec. 31, 1989 26,209
In addition to challenging the foregoing determination of deficiencies, petitioner claims that it is entitled to a refund for each of the taxable years 1988 and 1989.
Wells Fargo Bank, trustee of petitioner, Leila G. Newhall Unitrust, had its legal residence in Santa Barbara, California, at the time the petition in this case was filed. Petitioner is a charitable remainder unitrust within the meaning of section…
2Cases cited16 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Commissioner v. TowerSupreme Court of the United States · 1946
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. CorrellSupreme Court of the United States · 1967
- National Muffler Dealers Assn., Inc. v. United StatesSupreme Court of the United States · 1979
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3Cited by7 opinions
- Hoffman v. Comm'rUnited States Tax Court · 2002
- Leila G. Newhall Unitrust, Wells Fargo Bank, Trustee v. Commissioner of Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1997
- Parker Props. Joint Venture v. CommissionerUnited States Tax Court · 1996
- Hoffman v. Comm'rUnited States Tax Court · 2002
- Leila G. Newhall Unitrust v. CommissionerUnited States Tax Court · 1995
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