Estate of Frances Elaine Freedman, Deceased, Robin Elaine Carnette, Personal Representative - Page 1

                                 T.C. Memo. 2007-61                                   

                               UNITED STATES TAX COURT                                

                    ESTATE OF FRANCES ELAINE FREEDMAN, DECEASED,                      
            ROBIN ELAINE CARNETTE, PERSONAL REPRESENTATIVE, Petitioner v.             
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 6416-04.                Filed March 19, 2007.               

                    In late 1999, D received stock in ECNC in exchange                
               for her interest in a business venture.  In January of                 
               2000, D contributed the stock to a recently opened                     
               joint brokerage account titled in her name and that of                 
               her son.  Shares of ECNC were thereafter sold between                  
               late January and early March of 2000, generating                       
               substantial capital gains.                                             
                    Held:  D, and not her son, is considered under                    
               State law to be the owner of all ECNC stock in the                     
               joint account and is therefore taxable on the full                     
               amount of the gain arising from its sale.                              

               Joe M. Gonzalez, for petitioner.                                       
               Michael A. Pesavento, for respondent.                                  

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