Estate of Leeds v. Commissioner
United States Tax Court
1. The order of abatement of bequests under decedent-husband's will determined for the purpose of computing the marital deduction under sec. 2056, I.R.C. 1954. 2. Bequests to the trustees of the Palladium Fund to be used primarily as a pension, unemployment, and insurance fund for the employees of the Palladium-Item, a newspaper, and the wives and minor children of such employees are not deductible under sec. 2055, I.R.C. 1954, as "charitable" bequests.
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1. The order of abatement of bequests under decedent-husband's will determined for the purpose of computing the marital deduction under sec. 2056, I.R.C. 1954. 2. Bequests to the trustees of the Palladium Fund to be used primarily as a pension, unemployment, and insurance fund for the employees of the Palladium-Item, a newspaper, and the wives and minor children of such employees are not deductible under sec. 2055, I.R.C. 1954, as "charitable" bequests. Estate of Leonard O. Carlson, 21 T.C. 291 (1953), overruled.
1Opinion of the Court
OPINION
Issue 1. The Marital Deduction
Section 2056 provides generally that, for purposes of the tax imposed by section 2001, the value of the taxable estate shall be determined by deducting from the value of the gross estate an amount equal to the value of any interest in property which passes from the decedent to the decedent’s surviving spouse. Section 2056(c) (1) limits the deduction to an amount not exceeding 50 percent of the value of the “adjusted gross estate.”
We must decide whether 50 percent of the value of Budolph’s “adjusted gross estate” passes to Florence, his surviving wife, as…
2Cases cited4 opinions
- Riggs v. Del DragoSupreme Court of the United States · 1942
- Gimbel v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1931
- Watson v. United StatesCourt of Appeals for the Third Circuit · 1965
- Estate of Carlson v. CommissionerUnited States Tax Court · 1953
3Cited by5 opinions
- Retired Teachers Legal Defense Fund, Inc. v. CommissionerUnited States Tax Court · 1982
- Ohio Teamsters Educational & Safety Training Trust Fund v. CommissionerUnited States Tax Court · 1981
- Estate of Leeds v. CommissionerUnited States Tax Court · 1970
- Ohio Teamsters Educational & Safety Training Trust Fund v. CommissionerUnited States Tax Court · 1981
- Retired Teachers Legal Defense Fund, Inc. v. CommissionerUnited States Tax Court · 1982