McCann v. Commissioner
United States Board of Tax Appeals
The decedent's husband exchanged property used in his business for stock of a corporation formed by him to take over the business, and caused the stock certificate to be issued in favor of his wife to protect him against claims of his creditors. Held, under the circumstances, that the transfer did not establish a resulting trust of the stock in favor of the husband.
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The decedent's husband exchanged property used in his business for stock of a corporation formed by him to take over the business, and caused the stock certificate to be issued in favor of his wife to protect him against claims of his creditors. Held, under the circumstances, that the transfer did not establish a resulting trust of the stock in favor of the husband. Held, further, that dividends paid on the stock in 1925 and 1926, the amount received in 1926 from the sale thereof, and other sums paid after the death of the decedent constitute a part of her gross estate.
1Opinion of the Court
*107OPINION.
Seawell :
Consideration of the evidence offered in this proceeding at the hearing had in 1932 developed some doubt as to whether the check for $1,070,086.11 had been transferred by the decedent to her husband by way of gift or otherwise in any manner sufficient to transfer title thereto to the husband. Memorandum briefs submitted by the parties in respect thereof, pursuant to a request of the Division, disclose a difference of opinion as to the issue involving the item. The petitioner maintains that the issue is not whether the check was transferred in contemplation of death, involving…
2Cases cited24 opinions
- Smithsonian Institution v. MeechSupreme Court of the United States · 1898
- Allen-West Commission Co. v. GrumblesCourt of Appeals for the Eighth Circuit · 1904
- Stickney v. StickneySupreme Court of the United States · 1889
- MacRae v. MacRaeArizona Supreme Court · 1930
- Chipley v. CommissionerUnited States Board of Tax Appeals · 1932
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3Cited by2 opinions
- Estate of Halpern v. CommissionerUnited States Tax Court · 1995
- McCann v. CommissionerUnited States Board of Tax Appeals · 1934