Estate of Wood v. Commissioner
United States Tax Court
Transfer of securities to church in trust to provide for perpetual care of transferor's plot in church cemetery held, not deductible as charitable contribution within meaning of section 170, I.R.C. 1954. Held, further, transaction resulted in taxable capital gain to transferor.
1Opinion of the Court
TietjeNS, Judge:
The Commissioner determined a deficiency in petitioners’ income tax for the taxable year 1957 of $12,872.16. The parties have reached agreement on several issues regarding the deficiency. The remaining issues presented for decision are: (1) Whether the value of shares of stock transferred to a church pursuant to a trust agreement providing for perpetual care of the transferor’s plot in the church cemetery is deductible as a charitable contribution; and (2) whether, if it does not constitute a charitable contribution, the foregoing transaction resulted in taxable capital gain…
2Cases cited16 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- United States v. DavisSupreme Court of the United States · 1962
- United States v. PelzerSupreme Court of the United States · 1941
- Eli D. Goodstein v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Eli D. GoodsteinCourt of Appeals for the First Circuit · 1959
11 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- International Business MacHines Corporation v. The United StatesUnited States Court of Claims · 1965
- Graham v. CommissionerCourt of Appeals for the Ninth Circuit · 1987
- Seed v. CommissionerUnited States Tax Court · 1971
- Murphy v. CommissionerUnited States Tax Court · 1970
- Maureen A. Staples and Michael P. Staples v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1987
21 more not listed; retrieve them via the Exa API.