Hoensheid v. Comm’r (In re Estate of Hoensheid)

BVLaw
Full Text of Court Cases
March 15, 2023

Access the Full Article

This article and its downloads are available with a subscription to any of these products:
Already a subscriber?  Login
This article is also available for purchase.   Add to Cart >>
Need help? Contact us:
1-503-479-8200 ext 2 or sales@bvresources.com
3398 Metal Heat Treating
332811 Metal Heat Treating
estate and gift taxation
charitable contribution, stock, stock purchase agreement, reasonable cause, gift, shareholders
Hoensheid v. Comm’r (In re Estate of Hoensheid)
T.C. Memo 2023-34; 2023 Tax Ct. Memo LEXIS 33
US
Federal Court
Federal
United States Tax Court
Andrea Kanski
Nega

Summary

The taxpayers made a valid gift of stock, but they realized and recognized gain because their right to the proceeds from the sale occurred before the gift was made. They also were not entitled to a charitable contribution deduction because they did not procure a qualified appraisal. The taxpayers were not liable for an underpayment penalty.
Hoensheid v. Comm'r (In re Estate of Hoensheid)
PDF, Size: 398 KB

See Also

Petitioners Not Allowed a Charitable Contribution—Did Not Use a Qualified Appraiser

Court Case Digests
March 15, 2023

The taxpayers made a valid gift of stock, but they realized and recognized gain because their right to the proceeds from the sale occurred before the gift was made. They also were not entitled to a charitable contribution deduction because they did not procure a qualified appraisal. The taxpayers were not liable for an underpayment penalty.