Estate of Theis v. Commissioner
United States Tax Court
Decedents gave one separate tract of land to each of their two children, but retained life estates in both parcels. Both children mortgaged the properties. Decedents joined in executing the mortgages. Decedent-husband also signed the note on one of the properties as an accommodation party, making him secondarily liable for its payment.
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Decedents gave one separate tract of land to each of their two children, but retained life estates in both parcels. Both children mortgaged the properties. Decedents joined in executing the mortgages. Decedent-husband also signed the note on one of the properties as an accommodation party, making him secondarily liable for its payment. Both properties were included at their date-of-death fair market value in the decedents' gross estates under sec. 2036(a), I.R.C. 1954. Decedents deducted the principal balances due on the mortgages from their gross estates. No claims had been made against the…
1Opinion of the Court
OPINION
Dawson, Chief Judge:
In these consolidated cases, respondent determined deficiencies in Federal estate tax against the Estate of Charles Fred Theis, deceased, in the amount of $21,606.82, and against the Estate of Mary L. Theis, deceased, in the amount of $8,950.22.
After concessions, the primary issue for our decision is whether the balances due on certain mortgages are deductible by the estates under section 2053.1 We must also decide to what extent the value of certain property is to be included in the gross estate of each decedent.
These cases were submitted fully stipulated pursuant…
2Cases cited15 opinions
- Estate of Hagmann v. CommissionerUnited States Tax Court · 1973
- Estate of Mary Redding Shedd, First National Bank of Arizona, Trustee v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1963
- Jackson v. ParkerSupreme Court of Florida · 1943
- Shedd v. CommissionerUnited States Tax Court · 1961
- Estate of Fawcett v. CommissionerUnited States Tax Court · 1975
10 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Estate of Fung v. Comm'rUnited States Tax Court · 2001
- Estate of Theis v. CommissionerCourt of Appeals for the Eleventh Circuit · 1985
- Estate of Belcher v. CommissionerUnited States Tax Court · 1984
- Estate of Belcher v. CommissionerUnited States Tax Court · 1984
- Estate of Charles Fred Theis, Deceased, Laura Watson and Guy W. Theis, Co-Personal Representatives v. Commissioner of Internal Revenue, Estate of Mary L. Theis, Deceased, Laura Watson and Guy W. Theis, Co-Personal Representatives v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1985
5 more not listed; retrieve them via the Exa API.