Stevens v. Commissioner
United States Tax Court
The probate estate of a Minnesota decedent was insufficient, after provision for satisfaction of debts, taxes, and administration expenses, to permit payment in full of all legacies; and the will did not make provision for such situation.
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The probate estate of a Minnesota decedent was insufficient, after provision for satisfaction of debts, taxes, and administration expenses, to permit payment in full of all legacies; and the will did not make provision for such situation. Held: That in such circumstance, the amount of the marital deduction claimed in the estate tax return should be reduced, to reflect the effect on the value of the property passing to the surviving spouse, of State inheritance tax, Federal estate tax, and debts and administration expenses which could not be satisfied out of the residue of the probate estate.…
1Opinion of the Court
Pierce, Judge:
The respondent determined a deficiency in the estate tax of the above-named estate, in the amount of $11,522.52 before credit for State inheritance taxes. Respondent has now conceded that the petitioners are entitled to the maximum State inheritance tax credit, by reason of their having filed subsequent to the issuance of the notice of deficiency, evidence of payment of the inheritance taxes.
The sole issue for decision is whether the amount of the marital deduction claimed in the estate tax return should be reduced, by adjusting the value of the interests passing to the…
2Cases cited14 opinions
- Blair v. Oesterlein MacHine Co.Supreme Court of the United States · 1927
- Saulsbury v. United StatesCourt of Appeals for the Fifth Circuit · 1952
- Estate of Rainger v. CommissionerUnited States Tax Court · 1949
- In Re Estate of BowlinSupreme Court of Minnesota · 1933
- State ex rel. Smith v. Probate CourtSupreme Court of Minnesota · 1918
9 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Bosch v. CommissionerUnited States Tax Court · 1964
- Darlington v. CommissionerUnited States Tax Court · 1961
- Chism Ice Cream Co. v. CommissionerUnited States Tax Court · 1962
- Estate of Dawson v. CommissionerUnited States Tax Court · 1974
- Estate of Mouat v. CommissionerUnited States Tax Court · 1964
6 more not listed; retrieve them via the Exa API.