Beirne v. Commissioner
United States Tax Court
In 1960 petitioner formed Kelly Supply and gave 90 percent of the stock of Kelly Supply to his children. Kelly Supply at all times has been a subch. S corporation.
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In 1960 petitioner formed Kelly Supply and gave 90 percent of the stock of Kelly Supply to his children. Kelly Supply at all times has been a subch. S corporation. In Michael F. Beirne, 52 T.C. 210 (1969), we held that the gifts of stock to petitioner's children were not bona fide and that petitioner rather than his children was taxable on the income of Kelly Supply for 1960, 1961, and 1962. Held, petitioner is not collaterally estopped by our prior decision from showing that during the years 1965 through 1967 the gifts to his children were bona fide. Held, further, petitioner continued to…
1Opinion of the Court
InwiN, Judge:
Respondent determined the following deficiencies in the income taxes of petitioners:
Year Deficiency
1965 -$13,854.37
1966 - 19,361.00
1967 - 14,946. 50
Several adjustments made by respondent have not been contested iby petitioner. Accordingly, tbe issues for decision are (1) whether petitioners are collaterally estopped by a prior judgment in this Court involving the years 1960 through 1962 from denying that gifts of stock to their children were not bona fide and (2) whether petitioners or their children should be treated as the owners of the stock during the years in issue.
BINDINGS…
2Cases cited7 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Cromwell v. County of SacSupreme Court of the United States · 1877
- Partmar Corp. v. Paramount Pictures Theatres Corp.Supreme Court of the United States · 1954
- Dean v. CommissionerUnited States Tax Court · 1971
- Radford v. MyersSupreme Court of the United States · 1913
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3Cited by14 opinions
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- Gundanna v. Comm'rUnited States Tax Court · 2011
- Kirkpatrick v. CommissionerUnited States Tax Court · 1977
- Barr v. CommissionerUnited States Tax Court · 1992
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