Furman v. Commissioner
United States Tax Court
Petitioner Irvine and his wife owned real property which was encumbered by two mortgages. Part of the property was used by Irvine in his medical practice and part was occupied as a residence by him and his family. In 1960 they conveyed the property in trust for the benefit of their minor children for 10 years and 5 months, with reversion to Irvine.
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Petitioner Irvine and his wife owned real property which was encumbered by two mortgages. Part of the property was used by Irvine in his medical practice and part was occupied as a residence by him and his family. In 1960 they conveyed the property in trust for the benefit of their minor children for 10 years and 5 months, with reversion to Irvine. Irvine's wife was named trustee and the deed specified that the trustee was to pay the mortgage principal and interest as they fell due. Concurrently with creation of the trust Irvine, in separate leases, rented both the office portion and the…
1Opinion of the Court
Irvine K. Furman and Lorena K. Furman, Petitioners, v. Commissioner of Internal Revenue, Respondent
Furman v. Commissioner
Docket No. 4813-63
United States Tax Court
45 T.C. 360; 1966 U.S. Tax Ct. LEXIS 151;
January 10, 1966, Filed
Decision will be entered under Rule 50.
Petitioner Irvine and his wife owned real property which was encumbered by two mortgages. Part of the property was used by Irvine in his medical practice and part was occupied as a residence by him and his family. In 1960 they conveyed the property in trust for the benefit of their minor children for 10 years and 5 months, with…
2Cases cited32 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Furman v. CommissionerUnited States Tax Court · 1966
- Skemp v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1948
- Brown v. Commissioner of Internal Revenue (Two Cases)Court of Appeals for the Third Circuit · 1950
- I. L. Van Zandt and Ruth B. Van Zandt v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1965
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