Estate of Fawcett v. Commissioner
United States Tax Court
Decedent owned 17,538.2 acres of ranch land in Texas. In 1964 decedent borrowed $ 235,000 from the Travelers Insurance Co. This indebtedness was evidenced by a promissory note and secured by a deed of trust on the ranch property which were cosigned by decedent and his wife.
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Decedent owned 17,538.2 acres of ranch land in Texas. In 1964 decedent borrowed $ 235,000 from the Travelers Insurance Co. This indebtedness was evidenced by a promissory note and secured by a deed of trust on the ranch property which were cosigned by decedent and his wife. In 1965 the decedent conveyed a life interest in one-half of the ranch in equal proportions to his four children with remainder in trust for their issue, leaving the decedent with an undivided one-half interest in the property. The fair market value of decedent's interest in the property was included in his gross estate,…
1Opinion of the Court
Estate of Horace K. Fawcett, Deceased, Eika Mae Fawcett, Independent Executrix, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Fawcett v. Commissioner
Docket No. 1517-74
United States Tax Court
64 T.C. 889; 1975 U.S. Tax Ct. LEXIS 85;
August 18, 1975, Filed
Decision will be entered under Rule 155.
Decedent owned 17,538.2 acres of ranch land in Texas. In 1964 decedent borrowed $ 235,000 from the Travelers Insurance Co. This indebtedness was evidenced by a promissory note and secured by a deed of trust on the ranch property which were cosigned by decedent and his wife. In 1965…
2Cases cited5 opinions
- Estate of Fawcett v. CommissionerUnited States Tax Court · 1975
- Estate of Courtney v. CommissionerUnited States Tax Court · 1974
- Scott v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1934
- Seagrist v. CommissionerUnited States Board of Tax Appeals · 1940
- Scott v. CommissionerUnited States Board of Tax Appeals · 1931