Herberts v. Commissioner
United States Tax Court
Petitioner made outright gifts of stock to his wife and children prior to 1941. During January 1941 he caused the donated stock and additional stock to be transferred to himself purportedly as trustee under parol trusts. In December 1941 he executed in writing irrevocable trust under which he held all of the stock. He retained discretionary power to use the income for the support and maintenance of his daughter for life and of his son during minority.
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Petitioner made outright gifts of stock to his wife and children prior to 1941. During January 1941 he caused the donated stock and additional stock to be transferred to himself purportedly as trustee under parol trusts. In December 1941 he executed in writing irrevocable trust under which he held all of the stock. He retained discretionary power to use the income for the support and maintenance of his daughter for life and of his son during minority. The principal of the trust for the son was payable to him upon reaching majority. Assets received in liquidation of the stock during 1942 were…
1Opinion of the Court
Curtis A. Herberts, Petitioner, v. Commissioner of Internal Revenue, Respondent
Herberts v. Commissioner
Docket Nos. 7049, 11149
United States Tax Court
10 T.C. 1053; 1948 U.S. Tax Ct. LEXIS 170;
June 7, 1948, Promulgated
Decision will be entered for the respondent in Docket No. 7049. Decision will be entered under Rule 50 in Docket No. 11149.
Petitioner made outright gifts of stock to his wife and children prior to 1941. During January 1941 he caused the donated stock and additional stock to be transferred to himself purportedly as trustee under parol trusts. In December 1941 he executed in writing…
2Cases cited23 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Corliss v. BowersSupreme Court of the United States · 1930
- Helvering v. StuartSupreme Court of the United States · 1942
- Estate of Tetsubumi YanoCalifornia Supreme Court · 1922
- Newman v. CommissionerUnited States Tax Court · 1943
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