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Cain v. Commissioner

37 T.C. 185 (1961)

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Cain v. Commissioner

United States Tax Court

37 T.C. 185 (1961)

Facts

Martha Disborough sold a block of stock in exchange for an upfront payment of $6,000 plus monthly installments of $1,000. The monthly payments would continue for either 12 years or until Disborough died, whichever came first. Disborough died before she had received all the monthly payments. The commissioner of Internal Revenue (commissioner) (defendant) determined that Disborough had retained a right to receive income from the stock and that the right had not ended before Disborough’s death. Therefore, under 26 U.S.C. § 2036(a)(1), the commissioner included the remaining alleged income—the unpaid installment payments—in Disborough’s gross estate and assessed additional estate taxes on those amounts. The estate’s successor (plaintiff) petitioned the United States Tax Court for a new determination, arguing that the payments were not income that could be included in the gross estate under § 2036(a)(1).

Rule of Law

Issue

Holding and Reasoning (Fay, J.)

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