Chapter6_3of4 - 1 Duberstein v. Comm. 80 S. Ct. 1190 (1960)...

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Duberstein v. Comm . 80 S. Ct. 1190 (1960) The 1951 Cadillac
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3 Gifts (§102) Gifts Nontaxable for income tax purposes Duberstein Gifts vs compensation Detached and disinterested generosity “Gifts” to employee from employer are not gifts Taxable unless excluded under fringe benefit rules (de minimis fringe) or as an employee achievement awards “Gifts” services rendered Inheritances and bequests are nontaxable Income from gifted property
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Anna Nicole Smith Awarded $474 Million Inheritance (Santa Ana CA, 12/12/01) Playboy pinup and Guess? jeans model, Anna Nicole Smith (real name Vicki Lynn), won a bitter court fight Tuesday when she was awarded an inheritance worth $474 million from the estate of her late husband, J. Howard Marshall II. The 9th dropout and former chicken restaurant worker, met the billionaire Marshall in 1991 at a strip club where she was working as a lap dancer. Soon, she became "the light" of his life, as he showered her with more than $6 million in money, jewelry, real estate and clothing. And in 1994, after Smith made her own name as Playboy's Playmate of the Year, the 26-year-old model and Marshall--a spring chicken at age 89—married at a drive-in chapel in Houston "He wanted to make me happy," she told a Los Angeles judge last year. "My wish was his command." Marshall died one year later in 1995. Smith quickly spent the gifts, declaring bankruptcy in 1996. During the trial, Smith’s attorney refuted the allegation that she was just a gold-digging witch. Indeed, both sides agreed that Smith had played an important role in reinvigorating the tycoon who had lapsed into despondency after the 1991 death of his second wife.The award ended— at least temporarily—a bitter feud between Marshall’s son, Pierce Marshall, 63, who plans to appeal the decision.
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6 BROWNSVILLE, Texas (AP) — For nearly seven years Melina Salazar did her best to put on a smile and tend to the every need of her most loyal and cantankerous customer. She made sure his food was as hot as he wanted, even if it meant he burned his mouth. And she smiled through his demands and curses. The 89-year-old "Buck" Swords obviously appreciated it, leaving the waitress $50,000 and a 2000 Buick when he died. "I still can't believe it," the Luby's cafeteria employee told Harlingen television station KGBT-TV. “Actually, I thought he was kind of mean,” she said. Swords, a World War II veteran, died in July. But Salazar learned just a few days before Christmas that he had left her the money and car.
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7 Inheritances (§102) Inheritances and bequests are nontaxable Income from gifted or inherited property
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8 Georgia Man Wins 26 Million Lottery Jackpot Using Same Number Twice November 11, 2003. It was 60-year old Stephen Cooke’s lucky day, and then some. In an amazing stroke of luck, the Roswell, Georgia resident held 2 of the 3 winning tickets for the multi-state Mega Millions lottery game. Cooke walked out of lottery headquarters
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This note was uploaded on 03/23/2010 for the course ACCT 402 taught by Professor Toleno during the Spring '10 term at Providence College.

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Chapter6_3of4 - 1 Duberstein v. Comm. 80 S. Ct. 1190 (1960)...

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