Estate of D'Ambrosio v. Commissioner
United States Tax Court
D transferred her remainder interest in stock for consideration equal to the value of that interest, and retained an income interest in the stock for life. Following D's death, E did not include the stock in D's gross estate for Federal estate tax purposes. E argues that the stock is excludable from D's gross estate under the bona fide sale exception of sec. 2036(a), I.R.C., given the fact that D transferred the remainder interest for its fair market value.
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D transferred her remainder interest in stock for consideration equal to the value of that interest, and retained an income interest in the stock for life. Following D's death, E did not include the stock in D's gross estate for Federal estate tax purposes. E argues that the stock is excludable from D's gross estate under the bona fide sale exception of sec. 2036(a), I.R.C., given the fact that D transferred the remainder interest for its fair market value. Held: D's gross estate includes the value of the stock at D's death, less the amount that D received for the remainder interest. The bona…
1Opinion of the Court
ESTATE OF ROSE D'AMBROSIO, DECEASED, VITA D'AMBROSIO, EXECUTRIX, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Estate of D'Ambrosio v. Commissioner
Docket No. 6724-94.
United States Tax Court
105 T.C. 252; 1995 U.S. Tax Ct. LEXIS 53; 105 T.C. No. 18;
September 25, 1995, Filed
Decision will be entered under Rule 155.
D transferred her remainder interest in stock for consideration equal to the value of that interest, and retained an income interest in the stock for life. Following D's death, E did not include the stock in D's gross estate for Federal estate tax purposes. E argues that the…
2Cases cited21 opinions
- Helvering v. HallockSupreme Court of the United States · 1940
- United States v. Southwestern Cable Co.Supreme Court of the United States · 1968
- Commissioner v. Estate of ChurchSupreme Court of the United States · 1949
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Rainwater v. United StatesSupreme Court of the United States · 1958
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