Estate of Fletcher v. Commissioner
United States Tax Court
D died 3 hours after H due to a common accident. At the time of H's death, he owned a certificate of deposit in his name followed by the designation "payable on death" to D. D and H also owned U. S. savings bonds on which both names appeared connected by "or." H's gross estate included the certificate and bonds.
Read the full summary
D died 3 hours after H due to a common accident. At the time of H's death, he owned a certificate of deposit in his name followed by the designation "payable on death" to D. D and H also owned U. S. savings bonds on which both names appeared connected by "or." H's gross estate included the certificate and bonds. The Probate Court approved a final accounting reflecting that D was entitled to one-third of the certificate and bonds and that the two surviving children were entitled to one-third each. R determined that the full value of the certificate and bonds was includable in D's gross estate.…
1Opinion of the Court
GERBER, Judge:
Respondent, by means of a statutory notice of deficiency, determined a $45,190.30 Federal estate tax deficiency with respect to the Estate of Margaret A. Fletcher (estate). The two issues presented for our consideration concern whether the value of certain assets should be includable in Margaret A. Fletcher’s gross estate. The assets in question are jointly held U.S. savings bonds, series E, and a certificate of deposit made “payable on death.” We consider here the inclusion of assets in the estate of the last person to die from a common accident where both decedents’ names…
2Cases cited14 opinions
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- Helvering v. StuartSupreme Court of the United States · 1942
- Free v. BlandSupreme Court of the United States · 1962
- Cook v. BevillSupreme Court of Arkansas · 1969
- United States v. ChandlerSupreme Court of the United States · 1973
9 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Elizabeth Paramore O'Neal v. United StatesCourt of Appeals for the Eleventh Circuit · 2001
- Elizabeth Paramore O'Neal v. United StatesCourt of Appeals for the Eleventh Circuit · 2001
- Estate of Fletcher v. CommissionerUnited States Tax Court · 1990