Bank of New York v. United States

THOMAS F. MURPHY, District Judge.

This is an action by the executors of the estate of Josiah C. Thaw for a refund of an estate tax deficiency.

The decedent died March 15, 1944, and thereafter an estate tax of $420,309.17 was duly paid. After an audit of the return plaintiffs received a thirty-day letter on October 23, 1946, wherein they were advised that the Treasury was asserting a deficiency based upon, among other items, the full value of a trust created by the decedent on December 30, 1935. This amount was “included under the provisions of § 811(c) of the Internal Revenue Code” of 1939, 53…