Longyear v. Commissioner
United States Board of Tax Appeals
1. Petitioner and his divorced wife effected a settlement whereby petitioner, in lieu of alimony, delivered to the wife a note for $150,000 and agreed that a portion of his share of a trust created by his father's will should stand as security for the note.
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1. Petitioner and his divorced wife effected a settlement whereby petitioner, in lieu of alimony, delivered to the wife a note for $150,000 and agreed that a portion of his share of a trust created by his father's will should stand as security for the note. Held, that payments made to the wife in satisfaction of the note are taxable to petitioner as part of his distributive share of the trust estate. 2. Petitioner irrevocably assigned to trustees for the benefit of his children a portion of his interest in the trust created by his father's will. Held, that petitioner had divested himself of…
1Opinion of the Court
*1091OPINION.
Van Fossan:
The issue to be determined is whether or not the payments made by the trustees of John M. Longyear, deceased, to the petitioner’s divorced wife and to the guardians and trustees of the two minor children named in the findings of fact are taxable as income of the petitioner.
It is not contended that petitioner’s wife or children acquired any property right or any right to income under the will of Longyear, senior. It is clear that the wife did not. The sums paid to her and to the trustees for the children were paid pursuant to the agreement of December 29,1925, and the court…
2Cases cited7 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Burnet v. LeiningerSupreme Court of the United States · 1932
- Lynde v. LyndeSupreme Court of New Jersey · 1902
- Mitchel v. CommissionerUnited States Board of Tax Appeals · 1924
- Lansill v. CommissionerUnited States Board of Tax Appeals · 1929
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Longyear v. CommissionerUnited States Board of Tax Appeals · 1933