Elizabeth Paramore O'Neal v. United States

HILL, Circuit Judge:

This estate tax claim for refund case presents an issue of first impression in this circuit. 1 It also spotlights the distinct split among the circuits on this issue. Based upon our reading of Ithaca Trust Co. v. United States, 279 U.S. 151, 49 S.Ct. 291, 73 L.Ed. 647 (1929), we conclude that the value of the deduction claimed by the estate as a claim against the estate under Section 2053(a)(3) of the Internal Revenue Code must be valued as of the date of the decedent’s death. 26 U.S.C. § 2053(a)(3). Events occurring after the decedent’s death that alter the value must be…