Estate of Kincade v. Commissioner
United States Tax Court
Decedent purchased nonregistered bearer bonds through brokerage accounts maintained in his name alone, in his wife's name, and in their joint names. These bonds were found in a safe-deposit box to which the wife had no access. Held, the bonds purchased through the wife's brokerage account were not shown to be owned by her and were properly included in decedent's gross estate.
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Decedent purchased nonregistered bearer bonds through brokerage accounts maintained in his name alone, in his wife's name, and in their joint names. These bonds were found in a safe-deposit box to which the wife had no access. Held, the bonds purchased through the wife's brokerage account were not shown to be owned by her and were properly included in decedent's gross estate. Held, further, the bonds purchased through the joint account were not shown to have been owned by decedent and his wife as joint tenants so that they passed to her on his death by survivorship and thus qualified for the…
1Opinion of the Court
OPINION
Drennen, Judge:
Respondent determined a deficiency of $15,781.51 in the Federal estate tax of Leonard P. Kincade. The notice of deficiency also determines an addition to tax of $9,213.18 for late filing of the estate tax return pursuant to section 6651(a), I.R.C. 1954. The addition to tax is conceded by petitioner when computed on the amount of the deficiency as redetermined by the decision of this Court.
The primary issue in this case is whether certain nonregistered bearer bonds in decedent’s safe-deposit box at the time of his death were owned outright by decedent’s surviving wife and…
2Cases cited11 opinions
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- Robison v. Fickle, Extr.Indiana Court of Appeals · 1976
- Kraus v. KRAUS, ETC.Indiana Supreme Court · 1956
- Grant Trust & Savings Co. v. TuckerIndiana Court of Appeals · 1911
- Hayes v. McKinneyIndiana Court of Appeals · 1920
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3Cited by1 opinion
- Estate of Kincade v. CommissionerUnited States Tax Court · 1977