Merritt v. Commissioner
United States Tax Court
Petitioners (two sisters and a brother) plus their mother and another brother owned all the stock of B corporation. With a view towards restricting ownership of stock in B to members of their family, the stockholders on June 18, 1932, entered into an agreement reserving to each a life interest in the stock owned by each, with provisions for devolution of the remainder in the stock of each to his or her children or descendants or, in the case of petitioners and their brother,…
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Petitioners (two sisters and a brother) plus their mother and another brother owned all the stock of B corporation. With a view towards restricting ownership of stock in B to members of their family, the stockholders on June 18, 1932, entered into an agreement reserving to each a life interest in the stock owned by each, with provisions for devolution of the remainder in the stock of each to his or her children or descendants or, in the case of petitioners and their brother, to their brothers and sisters, in the absence of children or descendants. They reserved the right to receive all…
1Opinion of the Court
Marjorie M. Merritt et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Merritt v. Commissioner
Docket Nos. 54563, 54564, 54565
United States Tax Court
29 T.C. 149; 1957 U.S. Tax Ct. LEXIS 51;
October 29, 1957, Filed
Decisions will be entered for the petitioners.
Petitioners (two sisters and a brother) plus their mother and another brother owned all the stock of B corporation. With a view towards restricting ownership of stock in B to members of their family, the stockholders on June 18, 1932, entered into an agreement reserving to each a life interest in the stock owned by each,…
2Cases cited1 opinion
- Merritt v. CommissionerUnited States Tax Court · 1957