Case: Stephen F. Heringer, et al., Petitioners, v. Commissioner of Internal Revenue, Respondent
Abbreviation: Heringer v. Commissioner
Decision Date: 1954-01-26
Docket Number: Docket Nos. 40018, 40019, 40020, 40021
Citation: 21 T.C. 607
Volume: 21
Reporter: Reports of the Tax Court of the United States
Court: United States Tax Court
Jurisdiction: United States
Parties: Stephen F. Heringer, et al., Petitioners, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Pages: 607–610

Head Matter:
Stephen F. Heringer, et al., Petitioners, v. Commissioner of Internal Revenue, Respondent.
Docket Nos. 40018, 40019, 40020, 40021.
Promulgated January 26, 1954.
R. E. H. Julien, Esq., for the petitioners.
T. M. Mather, Esq., for the respondent.
Proceedings of the following petitioners are consolidated herewith: Mabel H. Heringer, Docket No. 40919; John P. Heringer, Docket No. 40020; and Alta G. Heringer, Docket No. 40021.

Opinion:
OPINION.
OppeR, Judge:
These circumstances are indistinguishable from Frank B. Thompson, 42 B. T. A. 121, which has now stood undisturbed by legislative, judicial, or administrative action for upward of 13 years. On the authority of that case, the real property transferred by petitioners to the corporation in which they and their children owned stock is a taxable gift to its full extent.
Robert H. Scanlon, 42 B. T. A. 997, which dealt with the transfer to a corporation wholly owned by the transferor is distinguishable from these proceedings on the same grounds as those on which that opinion itself distinguishes the Thompson case. And the transfer to their corporation by petitioners of valuable property is an entirely different thing from the renunciation of the undeclared dividend which occurred in Emily Coles Collins, 1 T. C. 605.
.From Frank B. Thompson, supra, it also follows that each petitioner is entitled to but one exclusion for gift tax purposes for each year.
Reviewed by the Court.
Decisions will be entered under Bule 50.