Estate of Bankhead v. Commissioner
United States Tax Court
The deceased periodically borrowed money from a corporation which she owned with her family. After her death, the corporation failed to make a claim against her estate for the amounts then due. Ala. Code tit. 61, sec. 211 (1960), prohibits payment of any claim against an estate not filed with the probate court within 6 months of the grant of letters testamentary.
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The deceased periodically borrowed money from a corporation which she owned with her family. After her death, the corporation failed to make a claim against her estate for the amounts then due. Ala. Code tit. 61, sec. 211 (1960), prohibits payment of any claim against an estate not filed with the probate court within 6 months of the grant of letters testamentary. Held: The operation of the Alabama statute extinguished any liability the estate may have had to the corporation and released additional funds for the estate to distribute to beneficiaries. Therefore, the petitioners, the estate of…
1Opinion of the Court
Estate of Emelil Bankhead, Deceased, W. W. Bankhead, Executor and W. W. Bankhead, Surviving Spouse, Petitioners v. Commissioner of Internal Revenue, Respondent
Estate of Bankhead v. Commissioner
Docket No. 3177-71
United States Tax Court
60 T.C. 535; 1973 U.S. Tax Ct. LEXIS 94; 60 T.C. No. 59;
July 9, 1973, Filed
Decision will be entered for the respondent.
The deceased periodically borrowed money from a corporation which she owned with her family. After her death, the corporation failed to make a claim against her estate for the amounts then due. Ala. Code tit. 61, sec. 211 (1960), prohibits…
2Cases cited10 opinions
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Commissioner v. JacobsonSupreme Court of the United States · 1949
- Bear Manufacturing Company v. United StatesCourt of Appeals for the Seventh Circuit · 1970
- Smyth, Collector of Internal Revenue v. BarnesonCourt of Appeals for the Ninth Circuit · 1950
- Brown v. the First National Bank of MontgomerySupreme Court of Alabama · 1954
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