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Commissioner v. Hogle

165 F.2d 352 (1947)

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Commissioner v. Hogle

United States Court of Appeals for the Tenth Circuit

165 F.2d 352 (1947)

Facts

James Hogle (plaintiff) set up irrevocable trusts for his three minor children. The trusts were managed by an independent trustee and funded by the profits from a stock-trading account operated by Hogle. Hogle could choose whether to make trades. But if Hogle made trades and those trades made a profit, Hogle had no choice about where the profits went; the profits always went directly into the trusts. Hogle believed that these profits were being earned by the trusts and should be taxed at the trusts’ lower income-tax rate. However, the commissioner of Internal Revenue (commissioner) (defendant) determined that Hogle, not the trusts, had earned the trading profits and owed income taxes on those profits. Hogle petitioned for a new determination. Ultimately, the Tenth Circuit Court of Appeals held that Hogle owed income taxes on the trading profits. The commissioner then determined that because Hogle had earned the profits, he must have temporarily owned the profits and, therefore, owed gift taxes on the transfer of those profits to the trusts. Hogle again petitioned for a new determination. The United States Tax Court held that Hogle did not owe any gift taxes on the trading profits transferred into the trusts. The commissioner appealed the ruling to the Tenth Circuit.

Rule of Law

Issue

Holding and Reasoning (Phillips, J.)

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