Estate of Davis v. Commissioner
United States Tax Court
The decedent executed a promissory note under seal in the amount of $ 30,000 payable to her only son on or before the expiration of 10 years. The note was secured by a mortgage under seal on property owned by her. The son paid no money to his mother with respect to the note and mortgage but considered them to be a gift.
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The decedent executed a promissory note under seal in the amount of $ 30,000 payable to her only son on or before the expiration of 10 years. The note was secured by a mortgage under seal on property owned by her. The son paid no money to his mother with respect to the note and mortgage but considered them to be a gift. Held, execution of the note and mortgage under seal does not establish that adequate and full consideration in money or money's worth, within the meaning of sec. 2503(c)(1)(A), I.R.C. 1954, was given for them.
1Opinion of the Court
Estate of Ella J. Davis, Deceased, Miles S. Davis, As Sole Devisee and Legatee, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Davis v. Commissioner
Docket No. 2945-70
United States Tax Court
57 T.C. 833; 1972 U.S. Tax Ct. LEXIS 161;
March 20, 1972, Filed
Decision will be entered for the respondent.
The decedent executed a promissory note under seal in the amount of $ 30,000 payable to her only son on or before the expiration of 10 years. The note was secured by a mortgage under seal on property owned by her. The son paid no money to his mother with respect to the note and…
2Cases cited17 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Merrill v. FahsSupreme Court of the United States · 1945
- Taft v. CommissionerSupreme Court of the United States · 1938
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