Estate of Hundley v. Commissioner
United States Tax Court
Following over a year of continuous intense litigation between decedent and his wife in various courts and jurisdictions, they executed a negotiated agreement settling their disputes, pursuant to which decedent transferred certain securities to a trust for the benefit of the wife.
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Following over a year of continuous intense litigation between decedent and his wife in various courts and jurisdictions, they executed a negotiated agreement settling their disputes, pursuant to which decedent transferred certain securities to a trust for the benefit of the wife. The separation agreement provided that the transfer in trust was made both in consideration for the relinquishment of all past or present claims, demands, and causes of action held by either against the other (including the wife's right to support) and in consideration for the relinquishment of all property rights…
1Opinion of the Court
OPINION
Kern, Judge:
On January 19,1963, after nearly 18 months of intensive litigation between himself and his wife, decedent H. B. Hundley transferred securities valued at $370,567.51 to a trust for the benefit of his wife pursuant to a separation agreement in which the parties settled their earlier litigation (including the wife’s action for separate maintenance) and fixed all property rights arising from their marriage. The transfer was reported by decedent as a sale in his 1963 income tax return pursuant to the Supreme Court’s decision in United States v. Davis, 370 U.S. 65 (1962), and…
2Cases cited12 opinions
- United States v. DavisSupreme Court of the United States · 1962
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Merrill v. FahsSupreme Court of the United States · 1945
- Nat Harrison Assoc., Inc. v. CommissionerUnited States Tax Court · 1964
- Harris v. CommissionerSupreme Court of the United States · 1950
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3Cited by1 opinion
- Estate of Hundley v. CommissionerUnited States Tax Court · 1969