Schad v. Commissioner
United States Tax Court
Held, petitioner is liable as transferee of $ 300,000 given to him in December 1977 by an individual who was later killed; the transfer was a gift causa mortis which rendered the donor insolvent. Held, further, petitioner failed to carry his burden of showing that $ 174,679 forfeited to the State and $ 14,200 used to purchase real estate in 1983 were not derived from taxable income.
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Held, petitioner is liable as transferee of $ 300,000 given to him in December 1977 by an individual who was later killed; the transfer was a gift causa mortis which rendered the donor insolvent. Held, further, petitioner failed to carry his burden of showing that $ 174,679 forfeited to the State and $ 14,200 used to purchase real estate in 1983 were not derived from taxable income. Held, further, petitioner failed to prove that he is not liable for additions to tax under secs. 6651(a), 6653(a)(1) and (2), and 6654, I.R.C. 1954, for 1983.
1Opinion of the Court
FEATHERSTON, Judge:
Respondent determined in docket No. 28216-84 that petitioner is hable to the extent of $300,000 as transferee of Joseph F. Colhns, deceased. Respondent also determined in docket No. 26148-84 a deficiency in the amount of $93,779 in petitioner’s 1983 income tax together with additions to tax in the amount of $9,193 under section 6651(a)(1),1 $4,689 under section 6653(a)(1), $5,521 under section 6654, and 50 percent of the interest due on $93,779 under section 6653(a)(2). The issues presented for decision are as follows:(1) Whether petitioner is hable as a transferee of the…
2Cases cited43 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- United States v. JanisSupreme Court of the United States · 1976
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Tokarski v. CommissionerUnited States Tax Court · 1986
- Bolen Webb and Cornelia Webb v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1968
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3Cited by38 opinions
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- Gambina v. CommissionerUnited States Tax Court · 1988
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