Smith v. Comm'r
United States Tax Court
In 1961 the taxpayers (husband and wife) sold their controlling stock interest in American Gas to Union Oil under an installment sale contract payable over a 5-year period.
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In 1961 the taxpayers (husband and wife) sold their controlling stock interest in American Gas to Union Oil under an installment sale contract payable over a 5-year period. They properly elected to report their gain on the installment method under sec. 453, I.R.C. 1954. In 1964, when over $ 700,000 in gain remained yet to be reported, the taxpayers and their advisers devised a plan whereby the taxpayers undertook to transfer the installment contract to their two children, the children undertook to pay annuities to the parents, and each child executed an instrument establishing a trust…
1Opinion of the Court
Harold W. Smith and Caroline H. Smith, Petitioners v. Commissioner of Internal Revenue, Respondent; Helen C. Smith, Petitioner v. Commissioner of Internal Revenue, Respondent
Smith v. Comm'r
Docket Nos. 5330-68, 3489-69
United States Tax Court
56 T.C. 263; 1971 U.S. Tax Ct. LEXIS 133;
May 12, 1971, Filed
Decisions will be entered under Rule 50.
In 1961 the taxpayers (husband and wife) sold their controlling stock interest in American Gas to Union Oil under an installment sale contract payable over a 5-year period. They properly elected to report their gain on the installment method under sec. 453,…
2Cases cited45 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Helvering v. HorstSupreme Court of the United States · 1940
- Higgins v. SmithSupreme Court of the United States · 1940
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