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Income Tax Keyed to Bankman
McAllister v. Commissioner
Citation:
157 F.2d 235 (2d Cir. 1946), cert. denied, 330 U.S. 826 (1947), acq.Facts
Petitioner’s father-in-law, Richard McAllister, established a trust fund of $100,000 to be paid to his son John McAllister for life, and on the latter’s death without children, to his wife, Petitioner. On Petitioner’s death, the trust would terminate and the residue would go to the testator’s wife and other son, Richard. The testator died in 1926, his widow in 1935, and John in 1937. Petitioner went to court to have the trust dissolved to pay John’s debt and to end family litigation. The court ordered a settlement wherein Petitioner would surrender her life interest in the trust to Richard, and in exchange he would pay Petitioner $55,000. In 1940, Petitioner reported a capital loss on the transaction of $8,790.20, the difference between the amount she received and the value of the estate transferred as part of the settlement. The Commissioner of Internal Revenue asserted a deficiency against Petitioner, finding that $55,000 she received could not be used to offset a capital loss, as it was ordinary income.
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