McCann v. Commissioner
United States Board of Tax Appeals
The decedent's husband exchanged property used in his business for stock of a corporation formed by him to take over the business, and caused the stock certificate to be issued in favor of his wife to protect him against claims of his creditors. Held, under the circumstances, that the transfer did not establish a resulting trust of the stock in favor of the husband.
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The decedent's husband exchanged property used in his business for stock of a corporation formed by him to take over the business, and caused the stock certificate to be issued in favor of his wife to protect him against claims of his creditors. Held, under the circumstances, that the transfer did not establish a resulting trust of the stock in favor of the husband. Held, further, that dividends paid on the stock in 1925 and 1926, the amount received in 1926 from the sale thereof, and other sums paid after the death of the decedent constitute a part of her gross estate.
1Opinion of the Court
RICHARD L. MCCANN, ADMINISTRATOR DE BONIS NON WITH WILL ANNEXED OF THE ESTATE OF LUCY C. SHARTLE, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
McCann v. Commissioner
Docket No. 49312.
United States Board of Tax Appeals
30 B.T.A. 102; 1934 BTA LEXIS 1362;
March 20, 1934, Promulgated
The decedent's husband exchanged property used in his business for stock of a corporation formed by him to take over the business, and caused the stock certificate to be issued in favor of his wife to protect him against claims of his creditors. Held, under the circumstances, that the transfer…
2Cases cited2 opinions
- York v. . MerrittSupreme Court of North Carolina · 1877
- McCann v. CommissionerUnited States Board of Tax Appeals · 1934