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Business Planning Keyed to Gevurtz
David Metzger Trust v. Commissioner
Citation:
76 T.C. 42, 80-84 (1981), 693 F.2d 459 (1982)Facts
David Metzger created a trust in 1942 and incorporated the family business as Metzger Dairies in 1946. After David’s death in 1953, Jacob assumed control of the business, with Catherine and Cecelia serving as directors. Over time, intense animosity developed among the siblings over business management and dividend policies. By 1972, the acrimony reached such a level that they decided to terminate their joint ownership. They agreed that Jacob would own Metzger Dairies, Catherine would own Metzger Dairy of San Antonio, and Cecelia would be cashed out. The redemption occurred on January 22, 1973, leaving Jacob and trusts for his family as the only shareholders. The Trust attempted to file a waiver agreement to avoid attribution rules. Additionally, Metzger Dairies claimed interest deductions for payments to Cecelia on a promissory note issued as part of the redemption.
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