CLAIM AGAINST JOE LOUIS
Trust Funds Taken ( To Pay Taxes
(Rec. 8 n.m.) WASHINGTON. Dec. 17. The Federal Tax Court ruled today that trust funds set up in 1947 and 1949 for the two children of the former heavy-weight champion, Joe Louis, must be used to help satisfy the claims against him. Louis was insolvent and heavily indebted for income taxes when the trusts were created, the Court held. It had been unable to establish exactly what happened to the millions which Louis made in the ring.
It quoted a statement by his lawyers that Louis was “schooled in profligacy and during his championship period no brakes were applied to his spending.”
The children’s trust funds, worth slightly more than 65.000 dollars (about £29,500), were established by Louis’s former wife. Mrs Marva Trotter Barrow Spaulding. Eut the Court said the former champion was the actual donor of the funds, and that they could not be transferred to the trusts while he owed Federal income taxes he could not pay. , . His tax liability, not disputed in the trust fund case, has recentlv been estimated at mnre than 1,000.000 dol-lars-(about £446T00). Uut the boxer’s lawyers said that he had recently made some substantial payments on this debt.
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Bibliographic details
Press, Volume XCIV, Issue 28155, 19 December 1956, Page 9
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205CLAIM AGAINST JOE LOUIS Press, Volume XCIV, Issue 28155, 19 December 1956, Page 9
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