Estate of Smith v. Commissioner
United States Tax Court
Held, the fair market value of 425 sculptures at the date of death of decedent was $ 2,700,000. Further, held, only those commissions applicable to sales of sculptures necessary to raise cash to pay the debts of decedent, taxes, and the expenses of administration are deductible; no further sales were necessary to preserve the estate or to effect distribution. Sec. 2053(a), I.R.C. 1954.
1Opinion of the Court
Estate of David Smith, Deceased, Ira M. Lowe, Clement Greenberg, Robert Motherwell, Coexecutors, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Smith v. Commissioner
Docket No. 4251-69
United States Tax Court
57 T.C. 650; 1972 U.S. Tax Ct. LEXIS 179;
February 23, 1972, Filed
Decision will be entered under Rule 50.
Held, the fair market value of 425 sculptures at the date of death of decedent was $ 2,700,000.
Further, held, only those commissions applicable to sales of sculptures necessary to raise cash to pay the debts of decedent, taxes, and the expenses of administration are…
Also in this document: Concurring in part, dissenting in part.
2Cases cited38 opinions
- Helvering v. TaylorSupreme Court of the United States · 1935
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- Burnet v. LoganSupreme Court of the United States · 1931
- Merrill v. FahsSupreme Court of the United States · 1945
- Messing v. CommissionerUnited States Tax Court · 1967
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