James E. Caldwell & Co. v. Commissioner
United States Tax Court
1. Upon the incorporation of petitioner, its principal officer conveyed to it approximately 1,100 acres of real estate for shares of petitioner's stock; and such shares were then transferred to trusts for the benefit of the officer's family. Thereafter, a judgment creditor of the officer, finding him to be insolvent, filed a suit in equity to partially annul and rescind the conveyances, or in the alternative to recover the stock.
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1. Upon the incorporation of petitioner, its principal officer conveyed to it approximately 1,100 acres of real estate for shares of petitioner's stock; and such shares were then transferred to trusts for the benefit of the officer's family. Thereafter, a judgment creditor of the officer, finding him to be insolvent, filed a suit in equity to partially annul and rescind the conveyances, or in the alternative to recover the stock. Such suit was compromised and settled upon payment by petitioner to the officer's creditor of $ 50,000 plus $ 400.65 court costs. Held, that petitioner did not, by…
1Opinion of the Court
James E. Caldwell & Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
James E. Caldwell & Co. v. Commissioner
Docket No. 37967
United States Tax Court
24 T.C. 597; 1955 U.S. Tax Ct. LEXIS 149;
June 30, 1955, Filed
Decision will be entered for the respondent.
1. Upon the incorporation of petitioner, its principal officer conveyed to it approximately 1,100 acres of real estate for shares of petitioner's stock; and such shares were then transferred to trusts for the benefit of the officer's family. Thereafter, a judgment creditor of the officer, finding him to be insolvent, filed a…
2Cases cited35 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Helvering v. TaylorSupreme Court of the United States · 1935
- Commissioner v. HeiningerSupreme Court of the United States · 1943
- Lyeth v. HoeySupreme Court of the United States · 1938
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