Estate of Bongard v. Comm'r
United States Tax Court
In 1980, D incorporated Empak, Inc. In 1986, D established an irrevocable stock accumulation trust (ISA Trust) and funded it with some of his Empak stock. In the mid-1990s it was determined by Empak's board of directors and advisers that pooling all of D's family's Empak stock in a holding company, WCB Holdings, LLC. (WCB Holdings), would better position Empak for a corporate liquidity event, which was necessary to raise capital and remain competitive.
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In 1980, D incorporated Empak, Inc. In 1986, D established an irrevocable stock accumulation trust (ISA Trust) and funded it with some of his Empak stock. In the mid-1990s it was determined by Empak's board of directors and advisers that pooling all of D's family's Empak stock in a holding company, WCB Holdings, LLC. (WCB Holdings), would better position Empak for a corporate liquidity event, which was necessary to raise capital and remain competitive. On Dec. 28, 1996, D and ISA Trust capitalized WCB Holdings by transferring to WCB Holdings their respective shares of Empak stock, and in…
1Opinion of the Court
ESTATE OF WAYNE C. BONGARD, DECEASED, JAMES A. BERNARDS, PERSONAL REPRESENTATIVE, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Estate of Bongard v. Comm'r
No. 6141-03
United States Tax Court
124 T.C. 95; 2005 U.S. Tax Ct. LEXIS 8; 124 T.C. No. 8;
March 15, 2005, Filed
Commissioner's notice of deficiency overruled in part and sustained n part.
In 1980, D incorporated Empak, Inc. In 1986, D established
an irrevocable stock accumulation trust (ISA Trust) and funded
it with some of his Empak stock. In the mid-1990s it was
determined by Empak's board of directors and advisers that
pooling all…
Also in this document: Concurrence · Gale; Concurrence · Laro; Concurring in part, dissenting in part.
2Cases cited59 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Helvering v. HallockSupreme Court of the United States · 1940
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Hanover Bank v. CommissionerSupreme Court of the United States · 1962
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