Crane v. Commissioner
United States Tax Court
On January 10, 1950, petitioner Winthrop M. Crane, Jr., his two sons, a business associate of his, Laurence R. Connor, and a bank executed an instrument which in form purported to create a 2-year trust with respect to certain shares of stock in Eaton Paper Corp. subsequently purchased by the bank with funds advanced to it by Crane, Jr., and as to which trust the bank would be the trustee, Crane's sons and Connor the beneficiaries, and Crane, Jr., the grantor.
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On January 10, 1950, petitioner Winthrop M. Crane, Jr., his two sons, a business associate of his, Laurence R. Connor, and a bank executed an instrument which in form purported to create a 2-year trust with respect to certain shares of stock in Eaton Paper Corp. subsequently purchased by the bank with funds advanced to it by Crane, Jr., and as to which trust the bank would be the trustee, Crane's sons and Connor the beneficiaries, and Crane, Jr., the grantor. Under the terms of the trust, Crane's sons and Connor had an option to purchase the stock at the trustee's average cost. If the option…
1Opinion of the Court
Winthrop M. Crane III and Katherine L. W. Crane, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Crane v. Commissioner
Docket Nos. 518-64, 519-64, 520-64, 528-64
United States Tax Court
45 T.C. 397; 1966 U.S. Tax Ct. LEXIS 145;
January 28, 1966, Filed
Decisions will be entered under Rule 50.
On January 10, 1950, petitioner Winthrop M. Crane, Jr., his two sons, a business associate of his, Laurence R. Connor, and a bank executed an instrument which in form purported to create a 2-year trust with respect to certain shares of stock in Eaton Paper Corp. subsequently purchased by…
Also in this document: Concurrence; Dissent.
2Cases cited19 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Commissioner v. LoBueSupreme Court of the United States · 1956
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
- National Shawmut Bank v. JoyMassachusetts Supreme Judicial Court · 1944
- Kerwin v. DonaghyMassachusetts Supreme Judicial Court · 1945
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