Estate of Weiskopf v. Commissioner
United States Tax Court
At death, D had substantial stock holdings in five corporations. D's stock in one of the corporations was transferred to trusts for his grandchildren. Pursuant to will or prior agreement, the estate sold stock in four of the corporations under circumstances that produce ordinary income if the constructive ownership rules ( sec. 318, I.R.C. 1954) apply to link the trusts and the estate.
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At death, D had substantial stock holdings in five corporations. D's stock in one of the corporations was transferred to trusts for his grandchildren. Pursuant to will or prior agreement, the estate sold stock in four of the corporations under circumstances that produce ordinary income if the constructive ownership rules ( sec. 318, I.R.C. 1954) apply to link the trusts and the estate. The existence of this link turns on whether the trusts were beneficiaries of the estate at the date of death. Held, the tax apportionment agreement executed between the estate and the trusts and sanctioned by…
1Opinion of the Court
Estate of Edwin C. Weiskopf, Deceased, Anne K. Weiskopf and Solomon Litt, Executors, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Weiskopf v. Commissioner
Docket No. 7785-79
United States Tax Court
77 T.C. 135; 1981 U.S. Tax Ct. LEXIS 91;
July 29, 1981, Filed
Decision will be entered under Rule 155.
At death, D had substantial stock holdings in five corporations. D's stock in one of the corporations was transferred to trusts for his grandchildren. Pursuant to will or prior agreement, the estate sold stock in four of the corporations under circumstances that produce ordinary…
2Cases cited8 opinions
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- In Re the Probate of the Will of CookNew York Court of Appeals · 1926
- Moss v. . CohenNew York Court of Appeals · 1899
- In re the Accounting of Kings County Trust Co.New York Surrogate's Court · 1953
- Estate of William A. Webber, Sr., Deceased, William A. Webber, Jr. v. United StatesCourt of Appeals for the Sixth Circuit · 1968
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