Estate of Smith v. Commissioner
United States Tax Court
R redetermined P's estate tax liability by increasing the "adjusted taxable gifts" under sec. 2001(b)(1)(B), I.R.C., when the time for redetermining the value of prior taxable gifts for gift tax purposes was barred by sec. 2504(c), I.R.C., and the statute of limitations.
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R redetermined P's estate tax liability by increasing the "adjusted taxable gifts" under sec. 2001(b)(1)(B), I.R.C., when the time for redetermining the value of prior taxable gifts for gift tax purposes was barred by sec. 2504(c), I.R.C., and the statute of limitations. Held, sec. 2504(c) does not bar R from revaluing prior taxable gifts when calculating "adjusted taxable gifts" for estate tax purposes pursuant to sec. 2001(b)(1)(B). Held, further, the taxpayer is entitled to have the "gift taxes payable" under sec. 2001(b)(2), I.R.C., adjusted in conformity with any increase in value.
1Opinion of the Court
OPINION
TANNENWALD, Judge:
This case is before the Court on respondent’s motion for partial summary judgment in respect of the basis for determining the value of certain gifts for purposes of the estate tax.
At the time the petition was filed, petitioner’s personal representatives, Frederick D. Smith and Kay A. Hemingway, resided in Seattle and Mercer Island, Washington, respectively.
On December 22, 1982, the decedent, Frederick R. Smith, made gifts of 62,199 shares of Bellingham Stevedoring Co. class B common stock. He filed a timely Federal gift tax return for the calendar year 1982 on March…
2Cases cited11 opinions
- Tennessee Valley Authority v. HillSupreme Court of the United States · 1978
- Badaracco v. CommissionerSupreme Court of the United States · 1984
- E. I. Dupont De Nemours & Co. v. DavisSupreme Court of the United States · 1924
- Lucas v. Pilliod Lumber Co.Supreme Court of the United States · 1930
- Merrill v. FahsSupreme Court of the United States · 1945
6 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Colestock v. CommissionerUnited States Tax Court · 1994
- O'Neal v. CommissionerUnited States Tax Court · 1994
- Estate of Robinson v. CommissionerUnited States Tax Court · 1993
- Carroll Evanson, as Co-Personal Representative of the Estate of Alfred Eide, Deceased v. United StatesCourt of Appeals for the Eighth Circuit · 1994
- Colestock v. CommissionerUnited States Tax Court · 1994
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