Curt Teich Foundation v. Commissioner
United States Tax Court
Petitioner Teich, Sr., donated $ 1.2 million so-called blue chip securities to foundation in June 1960. In July 1960, foundation purchased for $ 400 per share, or an aggregate of $ 1.14 million, shares of stock of the Teich family corporation, paying therefor out of the proceeds of the sale of the donated securities. Respondent stipulated that the fair market value of such shares was at least $ 400 per share.
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Petitioner Teich, Sr., donated $ 1.2 million so-called blue chip securities to foundation in June 1960. In July 1960, foundation purchased for $ 400 per share, or an aggregate of $ 1.14 million, shares of stock of the Teich family corporation, paying therefor out of the proceeds of the sale of the donated securities. Respondent stipulated that the fair market value of such shares was at least $ 400 per share. Foundation also accumulated income during the years 1959-62. In 1963, respondent retroactively revoked foundation's exemption. Held, that the 1960 transactions did not operate to deprive…
1Opinion of the Court
Curt Teich Foundation, Petitioner v. Commissioner of Internal Revenue, Respondent; Curt Teich, Sr., Petitioner v. Commissioner of Internal Revenue, Respondent
Curt Teich Foundation v. Commissioner
Docket Nos. 938-65, 939-65
United States Tax Court
48 T.C. 963; 1967 U.S. Tax Ct. LEXIS 33;
September 29, 1967, Filed
Decision will be entered for the respondent in docket No. 938-65.
Decision will be entered for the petitioner in docket No. 939-65.
Petitioner Teich, Sr., donated $ 1.2 million so-called blue chip securities to foundation in June 1960. In July 1960, foundation purchased for $ 400 per share,…
Also in this document: Dissent.
2Cases cited19 opinions
- Commissioner v. BrownSupreme Court of the United States · 1965
- Better Business Bureau of Washington, D. C., Inc. v. United StatesSupreme Court of the United States · 1946
- Stevens Bros. Foundation, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1963
- The Lesavoy Foundation v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1956
- Stevens Bros. Foundation, Inc. v. CommissionerUnited States Tax Court · 1962
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