Shephard v. Commissioner
United States Tax Court
In the years 1944 to 1957, inclusive, the president and majority stockholder of a family corporation withdrew corporate funds most of which were used to pay for the majority stock which was being purchased by him under a deferred payment contract. The corporation carried an account receivable on its books which showed a balance due when he died in 1957. The balance of this account had been carried as an asset by the corporation on all of its balance sheets through the years.
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In the years 1944 to 1957, inclusive, the president and majority stockholder of a family corporation withdrew corporate funds most of which were used to pay for the majority stock which was being purchased by him under a deferred payment contract. The corporation carried an account receivable on its books which showed a balance due when he died in 1957. The balance of this account had been carried as an asset by the corporation on all of its balance sheets through the years. The day following his death a bank was appointed administrator of his estate, and during administration held decedent's…
1Opinion of the Court
Rita G. Shephard, Guardian of Susan Shephard v. Commissioner.
Shephard v. Commissioner
Docket No. 93373.
United States Tax Court
T.C. Memo 1963-294; 1963 Tax Ct. Memo LEXIS 53; 22 T.C.M. (CCH) 1502; T.C.M. (RIA) 63294;
October 25, 1963
In the years 1944 to 1957, inclusive, the president and majority stockholder of a family corporation withdrew corporate funds most of which were used to pay for the majority stock which was being purchased by him under a deferred payment contract. The corporation carried an account receivable on its books which showed a balance due when he died in 1957. The balance…
2Cases cited12 opinions
- Wall v. United StatesCourt of Appeals for the Fourth Circuit · 1947
- Wiese v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1938
- Crowell v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1932
- Lewis v. CommissionerUnited States Tax Court · 1960
- Anna I. Woodworth v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1955
7 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Estate of Miller v. CommissionerUnited States Tax Court · 1978