Legal Opinion
Laverne Smoot, as of the Estate of Ruth M. Smoot v. United States
Court of Appeals for the Seventh Circuit
Decided December 27, 1989No. 88-2058PublishedCited by 5 opinions
1Opinion of the Court
FAIRCHILD, Senior Circuit Judge.
For purposes of determining federal estate tax, the Internal Revenue Code allows farms to be valued according to use as farms, rather than at their fair market value, so long as the farm passes to a “qualified heir of the decedent,” that is, a member of the decedent’s family and, in certain circumstances, a member of the qualified heir’s family. 26 U.S.C. § 2032A (1979). 1 In order to confine this tax benefit to cases where farm use and family ownership continue for a period of years, § 2032A(c)(l) imposes an additional estate tax (sometimes called a “recapture…
2Cases cited12 opinions
- United States v. CorrellSupreme Court of the United States · 1967
- Rowan Cos. v. United StatesSupreme Court of the United States · 1981
- National Labor Relations Board v. Lion Oil Co.Supreme Court of the United States · 1957
- Commissioner v. EngleSupreme Court of the United States · 1984
- Estate of James U. Thompson, Deceased Susan T. Taylor, Personal Representative v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1989
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3Cited by5 opinions
- In the Matter of Herbert P. Carlson and Margaret P. Carlson, Debtors. Herbert P. Carlson and Margaret P. Carlson v. United StatesCourt of Appeals for the Seventh Circuit · 1997
- Estate of Trenchard v. CommissionerUnited States Tax Court · 1995
- Estate of Merwin v. CommissionerUnited States Tax Court · 1990
- Erwin v. TweedCourt of Appeals of North Carolina · 2001
- Estate of Merwin v. CommissionerUnited States Tax Court · 1990