Du Pont v. Commissioner
United States Tax Court
Respondent advised petitioner that a sale of a 50-acre tract of land by petitioner to a private foundation in 1971 was an act of self-dealing and would have to be reversed to avoid imposition of the excise tax imposed by sec. 4941(a), I.R.C. 1954. In July of 1973, the foundation transferred the property back to petitioner who immediately retransferred the property to the foundation through a straw man who was not a "disqualified person."
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Respondent advised petitioner that a sale of a 50-acre tract of land by petitioner to a private foundation in 1971 was an act of self-dealing and would have to be reversed to avoid imposition of the excise tax imposed by sec. 4941(a), I.R.C. 1954. In July of 1973, the foundation transferred the property back to petitioner who immediately retransferred the property to the foundation through a straw man who was not a "disqualified person." In December of 1975, respondent determined that the 1973 transaction was an act of self-dealing and imposed the first-tier tax. Petitioner filed a motion for…
1Opinion of the Court
Edmund DuPont, Petitioner v. Commissioner of Internal Revenue, Respondent
Du Pont v. Commissioner
Docket No. 3900-79
United States Tax Court
74 T.C. 498; 1980 U.S. Tax Ct. LEXIS 121; 74 T.C. No. 35;
June 3, 1980, Filed
Petitioner's motion for judgment on the pleadings is denied.
Respondent advised petitioner that a sale of a 50-acre tract of land by petitioner to a private foundation in 1971 was an act of self-dealing and would have to be reversed to avoid imposition of the excise tax imposed by sec. 4941(a), I.R.C. 1954. In July of 1973, the foundation transferred the property back to petitioner…
2Cases cited4 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Anthony v. CommissionerUnited States Tax Court · 1976
- Shaheen v. CommissionerUnited States Tax Court · 1974
- Du Pont v. CommissionerUnited States Tax Court · 1980