Estate of Clack v. Commissioner
United States Tax Court
Decedent's will gave his surviving spouse an income interest in certain marital trust property but provided that if decedent's coexecutors did not elect to treat the property as "qualified terminable interest property" (QTIP) within the meaning of sec. 2056(b)(7), I.R.C., such property would instead be administered under the terms of a nonmarital family trust. Held: The marital trust property is QTIP within the meaning of sec. 2056(b)(7), I.R.C.
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Decedent's will gave his surviving spouse an income interest in certain marital trust property but provided that if decedent's coexecutors did not elect to treat the property as "qualified terminable interest property" (QTIP) within the meaning of sec. 2056(b)(7), I.R.C., such property would instead be administered under the terms of a nonmarital family trust. Held: The marital trust property is QTIP within the meaning of sec. 2056(b)(7), I.R.C. This Court's opinions in Estate of Robertson v. Commissioner, 98 T.C. 678 (1992), revd. 15 F.3d 779 (8th Cir. 1994); Estate of Clayton v.…
1Opinion of the Court
Wells, Judge-*
Respondent determined a deficiency of $2,284,008 in the Federal estate tax of the Estate of Willis Edward Clack (estate). Unless otherwise indicated, all section references are to the Internal Revenue Code in effect on the date of death of Willis Edward Clack (decedent), and all Rule references are to the Tax Court Rules of Practice and Procedure. The issue to be decided in this opinion is whether the interest of decedent’s surviving spouse in certain marital trust property is “qualified terminable interest property” (qtip) within the meaning of section 2056(b)(7), where the…
2Cases cited10 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Jackson v. United StatesSupreme Court of the United States · 1964
- Estate of Clayton v. CommissionerCourt of Appeals for the Fifth Circuit · 1992
- Estate of Nicholson v. CommissionerUnited States Tax Court · 1990
- Estate of Willard E. Robertson, Deceased, Walter G. Miller, Successor-Executor v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1994
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3Cited by3 opinions
- Estate of Israel v. CommissionerCourt of Appeals for the D.C. Circuit · 1998
- Estate of Clack v. CommissionerUnited States Tax Court · 1996
- Estate of Willis Edward Clack, Marshall & Ilsley Trust Company, Co-Personal Representative, and Richard E. Clack, Co-Personal Representative v. CommissionerUnited States Tax Court · 1996