Bank of West v. Commissioner
United States Tax Court
As executor of an estate, P filed an untimely estate tax return reporting the value of an interest in certain real estate as $ 409,062 and paid only part of the reported estate tax before distributing the assets of the estate. Held, the return did not overstate the value of decedent's interest in the real property and P is liable as fiduciary under sec. 3713(b), title 31, U.S.C.
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As executor of an estate, P filed an untimely estate tax return reporting the value of an interest in certain real estate as $ 409,062 and paid only part of the reported estate tax before distributing the assets of the estate. Held, the return did not overstate the value of decedent's interest in the real property and P is liable as fiduciary under sec. 3713(b), title 31, U.S.C. (1982), for an assessment of the unpaid estate tax shown on the return, additions to tax under sec. 6651(a)(1) and ( 2), I.R.C., and interest.
1Opinion of the Court
OPINION
FEATHERSTON, Judge:
Respondent has determined that petitioner is hable as trustee, executor, and fiduciary for the following amounts related to the estate tax of the Estate of George W. Milias, deceased:
Estate tax liability. $79,180.14
Sec. 6651(a)(1) 1 addition to tax. 4,851.72
Sec. 6651(a)(2) addition to tax. 24,268.61
Interest. 116,907.74
Total. 225,208.21
The principal substantive issue for decision is the fair market value at decedent’s death of his interest in two pieces of real property located in Santa Clara County, California. In addition, there are issues as to petitioner’s…
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