Burford v. Commissioner
United States Tax Court
Held: (1) Voluntary establishment of a trust for lifetime benefit of current wife was a taxable gift. Trust was not established under a written agreement between husband and wife to discharge husband's obligation to support wife. Sec. 2516, I.R.C. 1954, not applicable.
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Held: (1) Voluntary establishment of a trust for lifetime benefit of current wife was a taxable gift. Trust was not established under a written agreement between husband and wife to discharge husband's obligation to support wife. Sec. 2516, I.R.C. 1954, not applicable. Fact that divorce decree entered year and half after establishment of the trust made reference to the trust in denying alimony to wife does not prove that husband received full and adequate consideration for establishing the trust. Held Further: (2) Forgiveness of a note from petitioner's former wife to petitioner was not a…
1Opinion of the Court
S. FRANKLIN BURFORD, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Burford v. Commissioner
Docket No. 8330-80.
United States Tax Court
T.C. Memo 1985-68; 1985 Tax Ct. Memo LEXIS 566; 49 T.C.M. (CCH) 755; T.C.M. (RIA) 85068;
February 13, 1985.
Held: (1) Voluntary establishment of a trust for lifetime benefit of current wife was a taxable gift. Trust was not established under a written agreement between husband and wife to discharge husband's obligation to support wife. Sec. 2516, I.R.C. 1954, not applicable. Fact that divorce decree entered year and half after establishment of the trust…
2Cases cited9 opinions
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Commissioner of Internal Revenue v. MestaCourt of Appeals for the Third Circuit · 1941
- In Re Estate of HerefordWest Virginia Supreme Court · 1978
- Corbin v. CorbinWest Virginia Supreme Court · 1974
- Estate of Friedman v. Comm'rUnited States Tax Court · 1963
4 more not listed; retrieve them via the Exa API.