American Nurseryman Publishing Co. v. Commissioner
United States Tax Court
In 1969, P made the election to be taxed as a small business corporation under subch. S, I.R.C. 1954. In 1975, K, a shareholder of P, transferred her stock in P to a revocable trust of which she was the sole trustee and sole beneficiary during her lifetime. After her death in 1976, an Illinois court found that the transfer was based on a mistake and held it to be void ab initio.
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In 1969, P made the election to be taxed as a small business corporation under subch. S, I.R.C. 1954. In 1975, K, a shareholder of P, transferred her stock in P to a revocable trust of which she was the sole trustee and sole beneficiary during her lifetime. After her death in 1976, an Illinois court found that the transfer was based on a mistake and held it to be void ab initio. Held: 1. The order of the Illinois court must be disregarded for Federal tax purposes. 2. The election by P was terminated since sec. 1.1371-1(e), Income Tax Regs., provides that such a trust cannot hold stock in an…
1Opinion of the Court
American Nurseryman Publishing Co., Petitioner v. Commissioner of Internal Revenue, Respondent
American Nurseryman Publishing Co. v. Commissioner
Docket No. 6150-78
United States Tax Court
75 T.C. 271; 1980 U.S. Tax Ct. LEXIS 28;
November 17, 1980, Filed
Decision will be entered for the respondent.
In 1969, P made the election to be taxed as a small business corporation under subch. S, I.R.C. 1954. In 1975, K, a shareholder of P, transferred her stock in P to a revocable trust of which she was the sole trustee and sole beneficiary during her lifetime. After her death in 1976, an Illinois court found…
2Cases cited42 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. CorrellSupreme Court of the United States · 1967
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Brewster v. GageSupreme Court of the United States · 1930
- Fawcus MacHine Co. v. United StatesSupreme Court of the United States · 1931
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