Mitchell v. Commissioner
United States Tax Court
Petitioner in the year 1948 created separate irrevocable trusts for each of his three minor children to which he contributed stock of a corporation. On August 9, 1954, petitioner sold depreciable property to the corporation. On that date, petitioner, his spouse, and minor children owned directly 79.54 per cent and the trusts created for the two then minor children owned 12.21 per cent of the outstanding stock of the corporation.
Read the full summary
Petitioner in the year 1948 created separate irrevocable trusts for each of his three minor children to which he contributed stock of a corporation. On August 9, 1954, petitioner sold depreciable property to the corporation. On that date, petitioner, his spouse, and minor children owned directly 79.54 per cent and the trusts created for the two then minor children owned 12.21 per cent of the outstanding stock of the corporation. Held: The stock held by the trusts for the benefit of the two minor children was "owned" by the beneficiaries within the meaning of section 1239 of the Internal…
1Opinion of the Court
Calvin D. Mitchell and Fay Bond Mitchell, Petitioners, v. Commissioner of Internal Revenue, Respondent
Mitchell v. Commissioner
Docket No. 71479
United States Tax Court
35 T.C. 550; 1960 U.S. Tax Ct. LEXIS 4;
December 30, 1960, Filed
Decision will be entered for the respondent.
Petitioner in the year 1948 created separate irrevocable trusts for each of his three minor children to which he contributed stock of a corporation. On August 9, 1954, petitioner sold depreciable property to the corporation. On that date, petitioner, his spouse, and minor children owned directly 79.54 per cent and the trusts…
Also in this document: Dissent.
2Cases cited7 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Farr v. CommissionerUnited States Tax Court · 1948
- Sloane v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1951
2 more not listed; retrieve them via the Exa API.