Estate of Murphy v. Commissioner
United States Tax Court
Beginning after her husband's death in 1971, until 1982, D had a general power of appointment with respect to a controlling interest in a family-run, closely held corporation which owned publishing and broadcast subsidiaries. Several experts for both parties testified regarding the value of the stock. D was president of the corporation until 1980. She was chairman of the board from 1980 until her death.
Read the full summary
Beginning after her husband's death in 1971, until 1982, D had a general power of appointment with respect to a controlling interest in a family-run, closely held corporation which owned publishing and broadcast subsidiaries. Several experts for both parties testified regarding the value of the stock. D was president of the corporation until 1980. She was chairman of the board from 1980 until her death. Her son became president in 1980. Her daughter became vice president in 1980 and president of the broadcast subsidiaries in 1981. Eighteen days before her death, D transferred .88 percent of…
1Opinion of the Court
ESTATE OF ELIZABETH B. MURPHY, DECEASED, FIRST BANK (NATIONAL ASSOCIATION)-DULUTH AND RICHARD R. BURNS, AS CO-PERSONAL REPRESENTATIVES AND CO-TRUSTEES UNDER AGREEMENT WITH ELIZABETH B. MURPHY, DATED FEBRUARY 3, 1981, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Estate of Murphy v. Commissioner
Docket Nos. 32730-86, 32731-86
United States Tax Court
T.C. Memo 1990-472; 1990 Tax Ct. Memo LEXIS 520; 60 T.C.M. (CCH) 645; T.C.M. (RIA) 90472;
August 30, 1990, Filed
Decisions will be entered under Rule 155.
Beginning after her husband's death in 1971, until 1982, D had a general power of…
2Cases cited53 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Helvering v. HallockSupreme Court of the United States · 1940
- Knetsch v. United StatesSupreme Court of the United States · 1960
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
48 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Hubbard v. United States (In Re Hubbard)United States Bankruptcy Court, S.D. Florida. · 1991
- In Re Fund Raiser Products Co., Inc.United States Bankruptcy Court, E.D. Pennsylvania · 1994
- In Re HarperUnited States Bankruptcy Court, E.D. Arkansas · 1993
- Estate of Albert Strangi v. CommissionerUnited States Tax Court · 2000
- Estate of Strangi v. CommissionerUnited States Tax Court · 2000