United States Court of Appeals for the Second Circuit
493 F.2d 608 (1974)
Around October 3, 1947, Victor R. Wolder (defendant) and Marguerite K. Boyce entered an agreement. The agreement specified that Wolder, an attorney, would provide legal services for Boyce free of charge for the rest of her life. In return, Boyce would bequeath any securities she might obtain should a corporation by the name of White Laboratories undergo a merger or consolidation. White Laboratories subsequently merged with Schering Corporation. Boyce received 750 shares of one type of stock and 500 shares of another. Boyce later exchanged the 500 shares for $15,845. Over the course of Boyce’s life, Wolder upheld the agreement by providing legal services without charge. Boyce also upheld the agreement by bequeathing to Wolder her 750 shares and the $15,845. The Tax Court held that the fair market value of the shares and the $15,845 was taxable income for services rendered, and not a bequest exempt from taxation.
Rule of Law
Holding and Reasoning (Oakes, C.J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 238,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,200 briefs, keyed to 189 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.