Le Croy v. Commissioner
United States Tax Court
The taxpayer, subsequent to marriage, entered into an agreement with his wife whereby he agreed that in selling all real property, or rights or interests in lands owned by him, he would pay his wife one-third of the net profits thereof in lieu of dower. In 1942 he sold certain timber rights and in 1943 he, together with others, leased certain property for the purpose of mining and operating for oil and gas.
Read the full summary
The taxpayer, subsequent to marriage, entered into an agreement with his wife whereby he agreed that in selling all real property, or rights or interests in lands owned by him, he would pay his wife one-third of the net profits thereof in lieu of dower. In 1942 he sold certain timber rights and in 1943 he, together with others, leased certain property for the purpose of mining and operating for oil and gas. In these transactions his wife joined to release and relinquish her dower rights and she was paid one-third of the sale price of the timber rights and one-third of the amount allocated to…
1Opinion of the Court
George M. LeCroy and Lizzie LeCroy, Petitioners, v. Commissioner of Internal Revenue, Respondent
Le Croy v. Commissioner
Docket No. 12290
United States Tax Court
15 T.C. 143; 1950 U.S. Tax Ct. LEXIS 107;
August 25, 1950, Promulgated
Decision will be entered for the respondent.
The taxpayer, subsequent to marriage, entered into an agreement with his wife whereby he agreed that in selling all real property, or rights or interests in lands owned by him, he would pay his wife one-third of the net profits thereof in lieu of dower. In 1942 he sold certain timber rights and in 1943 he, together with…
2Cases cited1 opinion
- Le Croy v. CommissionerUnited States Tax Court · 1950