Le Croy v. Commissioner
United States Tax Court
The taxpayer, subsequent to marriage, entered into an agreement with his wife whereby he agreed that in selling all real property, or rights or interests in lands owned by him, he would pay his wife one-third of the net profits thereof in lieu of dower. In 1942 he sold certain timber rights and in 1943 he, together with others, leased certain property for the purpose of mining and operating for oil and gas.
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The taxpayer, subsequent to marriage, entered into an agreement with his wife whereby he agreed that in selling all real property, or rights or interests in lands owned by him, he would pay his wife one-third of the net profits thereof in lieu of dower. In 1942 he sold certain timber rights and in 1943 he, together with others, leased certain property for the purpose of mining and operating for oil and gas. In these transactions his wife joined to release and relinquish her dower rights and she was paid one-third of the sale price of the timber rights and one-third of the amount allocated to…
1Opinion of the Court
OPINION.
Black, Judge:
Petitioner contends that the respective amounts of $1,452.66 and $5,325.91 reported by his wife as taxable gain in the years 1842 and 1943 are not includible in his income for these years. He maintains that he entered into an agreement with his wife whereby she made an absolute transfer of her dower rights in his property in consideration of his agreement to pay her, or cause the purchaser to pay to her, one third of the net profits of sales of all real property, or rights or interests in any lands owned by him; that in 1942, when she executed the deed to the timber…
2Cases cited7 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Freuler v. HelveringSupreme Court of the United States · 1934
- Skelly Oil Co. v. MurphySupreme Court of Arkansas · 1930
- Lecroy v. Cook, Commissioner of RevenuesSupreme Court of Arkansas · 1947
- Smith v. HowellSupreme Court of Arkansas · 1890
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Le Croy v. CommissionerUnited States Tax Court · 1950