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
TaNNENwald, Judge:
Respondent determined a deficiency of $2,444,629.17 in the Federal estate tax of the Estate of David Smith (hereinafter referred to as Smith or decedent).
Several issues raised in the petition have been either resolved by agreement of the parties or abandoned by petitioner. The following-issues remain for decision: (1) The fair market value of 425 sculptures created by Smith and in his possession at the time of his death; and (2) the deductibility of certain commissions incurred and paid by petitioner in the course of selling some of the aforementioned sculptures.
FINDINGS OP…
2Cases cited34 opinions
- Helvering v. TaylorSupreme Court of the United States · 1935
- 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
- Figueiredo v. CommissionerUnited States Tax Court · 1970
29 more not listed; retrieve them via the Exa API.
3Cited by101 opinions
- Suarez v. CommissionerUnited States Tax Court · 1972
- Skripak v. CommissionerUnited States Tax Court · 1985
- Anselmo v. CommissionerUnited States Tax Court · 1983
- The First National Bank of Kenosha, as Personal Representative of the Estate of Ethel M. Rudy v. United StatesCourt of Appeals for the First Circuit · 1985
- Branerton Corp. v. CommissionerUnited States Tax Court · 1975
96 more not listed; retrieve them via the Exa API.