Buehner v. Commissioner
United States Tax Court
Petitioner created four charitable remainder trusts of which he and his wife were trustees and in which they retained a life income interest. Petitioner funded these trusts and claimed a charitable contribution deduction on his individual return for the value of the remainder interest. Included in the assets transferred were limited interests in a partnership created by petitioner and his wife.
Read the full summary
Petitioner created four charitable remainder trusts of which he and his wife were trustees and in which they retained a life income interest. Petitioner funded these trusts and claimed a charitable contribution deduction on his individual return for the value of the remainder interest. Included in the assets transferred were limited interests in a partnership created by petitioner and his wife. The charitable trusts sold their respective assets to a profit-sharing pension trust that was created by a corporation controlled by the petitioner. Petitioner was trustee of the pension trust. These…
1Opinion of the Court
OPINION
The case at bar requires us to consider the tax consequences flowing from the events that occurred between petitioner, OBC, the pension trust, and the CR trusts. Specifically, we must determine whether the income realized by the CR trusts on the transfers of its assets to the pension trust is attributable and taxable to the petitioner, and whether the petitioner is entitled to charitable contribution deductions for the contribution of these assets to the CR trusts.
Respondent’s first argument is that the CR trusts were not independent entities, but rather were devices used by the…
2Cases cited27 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Pepper v. LittonSupreme Court of the United States · 1939
- Palmer v. CommissionerUnited States Tax Court · 1974
- Furman v. CommissionerUnited States Tax Court · 1966
- Irvine K. Furman and Lorena K. Furman v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1967
22 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Elrod v. CommissionerUnited States Tax Court · 1986
- Gordon v. CommissionerUnited States Tax Court · 1985
- Goodman v. CommissionerUnited States Tax Court · 1980
- Bennett v. CommissionerUnited States Tax Court · 1982
- Tifd Iii-E, Inc. v. United StatesCourt of Appeals for the Second Circuit · 2012
7 more not listed; retrieve them via the Exa API.