Paxton v. Commissioner
United States Tax Court
In 1967 petitioners established the F. G. Paxton Family Organization (a Trust). Petitioners, their two sons and daughters-in-law, and an employee of KLC contributed their stock in KLC to the trust in exchange for certificates of beneficial interest in the trust. Petitioners also contributed their house, furniture, and other property as trust assets.
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In 1967 petitioners established the F. G. Paxton Family Organization (a Trust). Petitioners, their two sons and daughters-in-law, and an employee of KLC contributed their stock in KLC to the trust in exchange for certificates of beneficial interest in the trust. Petitioners also contributed their house, furniture, and other property as trust assets. Petitioners received an 86.38-percent interest in the trust, J and N Paxton each received a 3.84-percent interest, T and S Paxton each received a 2.59-percent interest, and the employee PC and his wife each received a 0.38-percent interest. The…
1Opinion of the Court
Floyd G. Paxton and Grace D. Paxton, Petitioners v. Commissioner of Internal Revenue, Respondent
Paxton v. Commissioner
Docket No. 6091-70
United States Tax Court
57 T.C. 627; 1972 U.S. Tax Ct. LEXIS 183;
February 15, 1972, Filed
Decision will be entered under Rule 50.
In 1967 petitioners established the F. G. Paxton Family Organization (a Trust). Petitioners, their two sons and daughters-in-law, and an employee of KLC contributed their stock in KLC to the trust in exchange for certificates of beneficial interest in the trust. Petitioners also contributed their house, furniture, and other property…
2Cases cited11 opinions
- Athanasius Y. Samuel v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1962
- De Amodio v. CommissionerUnited States Tax Court · 1960
- Humphrey v. CommissionerUnited States Tax Court · 1962
- Inez De Amodio, in No. 13740, John Amodio (Marquis Deamodio), in No. 13741 v. Commissioner of Internatal RevenueCourt of Appeals for the Third Circuit · 1962
- Archbishop Samuel Trust v. CommissionerUnited States Tax Court · 1961
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