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
Mark G. Schad, Petitioner v. Commissioner of Internal Revenue, Respondent
Schad v. Commissioner
Docket Nos. 26148-84, 28216-84
United States Tax Court
87 T.C. 609; 1986 U.S. Tax Ct. LEXIS 52; 87 T.C. No. 36;
September 17, 1986, Filed
Decisions will be entered for the respondent.
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…
2Cases cited44 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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