Nicolai v. Commissioner
United States Board of Tax Appeals
1. In anticipation of a divorce, which was obtained in 1927, petitioner and his wife entered into an agreement settling their property rights, under which petitioner transferred in trust for the wife's benefit certain shares of stock of a corporation of which he was the sole owner, agreeing during the life of the wife to continue in ownership of a majority of the stock of the corporation and to cause it to declare and pay dividends annually, "out of available net earnings",…
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1. In anticipation of a divorce, which was obtained in 1927, petitioner and his wife entered into an agreement settling their property rights, under which petitioner transferred in trust for the wife's benefit certain shares of stock of a corporation of which he was the sole owner, agreeing during the life of the wife to continue in ownership of a majority of the stock of the corporation and to cause it to declare and pay dividends annually, "out of available net earnings", sufficient to enable the trustee to make stipulated monthly payments to the wife. Held, that under such agreement the…
1Opinion of the Court
HARRY T. NICOLAI, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Nicolai v. Commissioner
Docket Nos. 93821, 98188.
United States Board of Tax Appeals
42 B.T.A. 899; 1940 BTA LEXIS 935;
October 9, 1940, Promulgated
1. In anticipation of a divorce, which was obtained in 1927, petitioner and his wife entered into an agreement settling their property rights, under which petitioner transferred in trust for the wife's benefit certain shares of stock of a corporation of which he was the sole owner, agreeing during the life of the wife to continue in ownership of a majority of the stock of…
2Cases cited9 opinions
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Lewellyn v. Electric Reduction Co.Supreme Court of the United States · 1927
- Helvering v. FitchSupreme Court of the United States · 1940
- Helvering v. LeonardSupreme Court of the United States · 1940
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