Cain v. Comm'r
United States Tax Court
Decedent sold without reservation or contingency stock in a family-owned corporation to the corporation for $ 150,000. The corporation was to pay $ 6,000 at the time the stock was transferred and $ 1,000 per month for 12 years or until decedent's death, whichever occurred first. When decedent died the balance remaining due under the contract was $ 44,135. Held, that no part of the purchase price or the stock should be included in the decedent's gross estate.
1Opinion of the Court
Ruby Louise Cain, Transferee of the Estate of Martha King Disborough, Deceased, Petitioner, v. Commissioner of Internal Revenue, Respondent
Cain v. Comm'r
Docket No. 84944
United States Tax Court
37 T.C. 185; 1961 U.S. Tax Ct. LEXIS 37;
November 13, 1961, Filed
Decision will be entered under Rule 50.
Decedent sold without reservation or contingency stock in a family-owned corporation to the corporation for $ 150,000. The corporation was to pay $ 6,000 at the time the stock was transferred and $ 1,000 per month for 12 years or until decedent's death, whichever occurred first. When decedent died the…
2Cases cited7 opinions
- Fidelity-Philadelphia Trust Co. v. SmithSupreme Court of the United States · 1958
- Bergan v. CommissionerUnited States Tax Court · 1943
- Hirsh v. United StatesUnited States Court of Claims · 1929
- Welch v. HallCourt of Appeals for the First Circuit · 1943
- Cain v. Comm'rUnited States Tax Court · 1961
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