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JOHNSON v. C. I. R.

Nos. 73-1908-73-1910.

495 F.2d 1079 (1974)

Joseph W. JOHNSON, Jr. and Margaret A. Johnson, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. H. Clay Evans JOHNSON and Betty Mead Johnson, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. David F. S. JOHNSON and Elsie E. Johnson, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided April 9, 1974.

Attorney(s) appearing for the Case

Thomas Caldwell, Jr., Chattanooga, Tenn., for appellants ; Thomas O. Helton. William C. Myers, Jr., Stophel, Caldwell & Heggie, Chattanooga, Tenn., on brief.

Donald H. Olson, Tax Div., Dept. of Justice, for appellee ; Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Jonathan S. Cohen, Attys. Tax Div., Dept. of Justice, Washington, D. C., on brief.

Before CELEBREZZE, PECK and ENGEL, Circuit Judges.

CELEBREZZE, Circuit Judge.

This case presents the question of a donor's income tax liability upon the transfer to a trust of highly appreciated stock subject to debt, where the proceeds of a loan which the stock secures are received by the donor and a large portion of the proceeds is used to pay the donor's gift taxes on the transfer.

Joseph W. Johnson, David F. S. Johnson, and H. Clay Evans Johnson1 developed Interstate Life and...

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