Wright v. Commissioner
United States Tax Court
In an oral agreement stipulated to at their divorce trial petitioner William C. Wright and his former wife, petitioner Jean W. Wright, agreed that all property owned by Jean would be granted to her and in addition she would be granted certain property of William's, that William would pay certain of her expenses, and that William would pay to Jean $ 228,000 over a period of 10 1/2 years, the payment to be secured by stocks placed in escrow, and that William would pay the…
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In an oral agreement stipulated to at their divorce trial petitioner William C. Wright and his former wife, petitioner Jean W. Wright, agreed that all property owned by Jean would be granted to her and in addition she would be granted certain property of William's, that William would pay certain of her expenses, and that William would pay to Jean $ 228,000 over a period of 10 1/2 years, the payment to be secured by stocks placed in escrow, and that William would pay the premiums on a $ 200,000 term life insurance policy owned by Jean on his life and keep Jean as the beneficiary until she died…
1Opinion of the Court
OPINION
Scott, Judge:
Respondent determined deficiencies in the Federal income tax of petitioners William C. and Ellen W. Wright in the amounts of $8,603.13, $14,963.76, and $14,367.14 for the calendar years 1968, 1969, and 1970, respectively. Respondent determined deficiencies in the Federal income tax of petitioner Jean W. Wright in the amounts of $6,667.59, $7,330.41, and $7,093.34 for the calendar years 1968,1969, and 1970, respectively.2
The parties have disposed of some of the issues by agreement, leaving for decision the following:(1) Whether the cash payments made by William C. Wright…
2Cases cited57 opinions
- Helvering v. HorstSupreme Court of the United States · 1940
- United States v. DavisSupreme Court of the United States · 1962
- Elizabeth H. Bardwell v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1963
- Bardwell v. CommissionerUnited States Tax Court · 1962
- Thompson v. CommissionerUnited States Tax Court · 1968
52 more not listed; retrieve them via the Exa API.
3Cited by63 opinions
- Beard v. CommissionerUnited States Tax Court · 1981
- Schottenstein v. CommissionerUnited States Tax Court · 1980
- Mann v. CommissionerUnited States Tax Court · 1980
- Wright v. CommissionerCourt of Appeals for the Seventh Circuit · 1976
- Martin v. CommissionerUnited States Tax Court · 1979
58 more not listed; retrieve them via the Exa API.