Estate of Clayton v. Commissioner
United States Tax Court
The will of decedent (D) gave his wife (W) an income interest in trust B and provided that, if D's executor did not elect to treat the property in trust B as "qualified terminable interest property" within the meaning of I.R.C. sec. 2056(b)(7), that property would pass to trust A. W's interest in trust A did not satisfy the requirements of sec. 2056(b)(7). Held: D's estate is not entitled to an estate tax marital deduction for W's interest in the trust B property with…
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The will of decedent (D) gave his wife (W) an income interest in trust B and provided that, if D's executor did not elect to treat the property in trust B as "qualified terminable interest property" within the meaning of I.R.C. sec. 2056(b)(7), that property would pass to trust A. W's interest in trust A did not satisfy the requirements of sec. 2056(b)(7). Held: D's estate is not entitled to an estate tax marital deduction for W's interest in the trust B property with respect to which an election was made.
1Opinion of the Court
ESTATE OF ARTHUR M. CLAYTON, JR., DECEASED, MARY MAGDALENE CLAYTON AND THE FIRST NATIONAL BANK OF LAMESA, INDEPENDENT CO-EXECUTORS, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Estate of Clayton v. Commissioner
Docket No. 24320-90
United States Tax Court
97 T.C. 327; 1991 U.S. Tax Ct. LEXIS 81; 97 T.C. No. 22;
September 16, 1991, Filed
The will of decedent (D) gave his wife (W) an income interest in trust B and provided that, if D's executor did not elect to treat the property in trust B as "qualified terminable interest property" within the meaning of I.R.C. sec. 2056(b)(7), that…
2Cases cited16 opinions
- Jackson v. United StatesSupreme Court of the United States · 1964
- Estate of Wallace v. CommissionerUnited States Tax Court · 1990
- Estate of Kyle v. CommissionerUnited States Tax Court · 1990
- Estate of Nicholson v. CommissionerUnited States Tax Court · 1990
- Estate of Doherty v. Comm'rUnited States Tax Court · 1990
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