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Full-Text Articles in Contracts
Quasi-Contracts-Taxation-Rescission Of Gifts Where Gift Fails To Achieve Donor's Purpose Of Minimizing Federal Income Taxes, Charles M. Soller S.Ed., Edwin F. Uhl S. Ed.
Quasi-Contracts-Taxation-Rescission Of Gifts Where Gift Fails To Achieve Donor's Purpose Of Minimizing Federal Income Taxes, Charles M. Soller S.Ed., Edwin F. Uhl S. Ed.
Michigan Law Review
A recent Michigan case, Stone v. Stone, presents problems of complexity and far-reaching importance. The plaintiffs, husband and wife, each owned a one-half interest in a family business partnership, and each apparently reported a proportionate share of the partnership earnings for federal income tax purposes. For the purpose of further reducing taxes on the income of the family unit, each parent transferred a one-quarter interest in the partnership to one of their two minor children, and thereafter each parent and child filed separate income tax returns reporting one-fourth of the partnership earnings as individual income. Each parent, under a …
Bills And Notes-Construction Of Negotiable Instruments And Contemporaneous Written Agreements, Ralph J. Isackson
Bills And Notes-Construction Of Negotiable Instruments And Contemporaneous Written Agreements, Ralph J. Isackson
Michigan Law Review
On April 12, 1938, M executed a demand promissory note, negotiable in form, payable to the order of his daughter, the plaintiff. Simultaneously M prepared and attached a written instrument to the note stating that the plaintiff agreed that she would not attempt to collect the note until M died. The attached instruments were delivered to plaintiff immediately after execution. M died May 23, 1945. Plaintiff, who held the instruments from the date of execution without making any demand for payment, filed the note with the defendant, M's administrator, as a claim against M's estate. The defendant objected …