Seder v. Commissioner
United States Tax Court
H and W transferred stock to a trust, of which H was one of the trustees. Income derived from the stock was to be paid for 3 years to a charitable foundation and then to W for life. No dividend had been paid on the stock in the 11 years preceding the transfer, and there was no reasonable prospect that dividends would be paid in the 3-year period following the transfer.
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H and W transferred stock to a trust, of which H was one of the trustees. Income derived from the stock was to be paid for 3 years to a charitable foundation and then to W for life. No dividend had been paid on the stock in the 11 years preceding the transfer, and there was no reasonable prospect that dividends would be paid in the 3-year period following the transfer. The trustees were empowered to dispose of the stock and to invest the proceeds in income-producing property or to retain it. Held, no charitable deduction is allowed under sec. 170, I.R.C. 1954, because, considering all the…
1Opinion of the Court
OPINION
Simpson, Judge:
The respondent determined a deficiency of $2,558.99 in the petitioners’ 1968 Federal income tax. The only issue for decision is whether a deduction is allowable for the contribution of an income interest to charity.
All of the facts have been stipulated, and those facts are so found.
The petitioners, Seymour Seder and Frances Seder, are husband and wife and maintained their legal residence in Chicago, Ill., at the time their petition was filed in this case. They filed a joint Federal income tax return for the year 1968 with the district director of internal revenue,…
2Cases cited12 opinions
- Commissioner v. Estate of SternbergerSupreme Court of the United States · 1955
- Edgar v. CommissionerUnited States Tax Court · 1971
- Morgan v. CommissionerUnited States Tax Court · 1964
- United States v. GatesCourt of Appeals for the Tenth Circuit · 1967
- Darling v. CommissionerUnited States Tax Court · 1965
7 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Buehner v. CommissionerUnited States Tax Court · 1976
- O'Reilly v. CommissionerUnited States Tax Court · 1990
- Buehner v. CommissionerUnited States Tax Court · 1976
- O'Reilly v. CommissionerUnited States Tax Court · 1990
- Seder v. CommissionerUnited States Tax Court · 1973