ST. JOSEPH BANK AND TRUST CO. v. UNITED STATES

No. 82-2477.

716 F.2d 1180 (1983)

ST. JOSEPH BANK AND TRUST COMPANY, a South Bend, Indiana, Trustee of the James C. Massey 1977 Irrevocable Trust for and on behalf of John Massey Irrevocable Trust, Peter C. Massey Irrevocable Trust, Robert E. Massey Irrevocable Trust, and Thomas A. Massey Irrevocable Trust, Plaintiffs-Appellees, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided September 14, 1983.


Attorney(s) appearing for the Case

David English Carmack, Asst. Atty. Gen., Tax Div., Dept. of Justice, Washington, D.C., for defendant-appellant.

Charles M. Boynton, Doran, Manion, Boynton, Kamm & Esmont, South Bend, Ind., for plaintiffs-appellees.

Before POSNER, NICHOLS and COFFEY, Circuit Judges.


NICHOLS, Circuit Judge.

A father transferred stock to a trustee for the education of his then minor children, as required by a divorce settlement with their mother. The stock, though valuable, had until then a zero basis. Shortly after the transfer, the trustee sold part of the stock at market. The question we must decide is whether the gain is taxable under the United States Internal Revenue Code as income to the settlor or the trustee, there being no doubt it was...

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