Drazen v. Commissioner
United States Tax Court
Decedent died testate in 1960 at the age of 49. Respondent included in decedent's gross estate under sec. 2040 (Joint Interests), I.R.C. 1954, a total amount of $ 32,262.34, representing the total of four joint bank accounts of decedent and his wife, payable to either or the survivor.
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Decedent died testate in 1960 at the age of 49. Respondent included in decedent's gross estate under sec. 2040 (Joint Interests), I.R.C. 1954, a total amount of $ 32,262.34, representing the total of four joint bank accounts of decedent and his wife, payable to either or the survivor. Held, except for one deposit of $ 1,031.05 made by decedent's wife, it has not been shown that any part of the total amount was contributed from the wife's funds, other than those funds she acquired from the decedent for less than an adequate and full consideration in money or money's worth.
1Opinion of the Court
Arundell, Judge:
Respondent determined a deficiency in estate tax of $27,261.52.
The only remaining issue for decision is whether the respondent erred in including in decedent’s gross estate under section 2040, I.R.C.. 1954, jointly owned property in the total amount of $32,262.34. Several other issues were assigned but were either settled by stipulation or abandoned. Effect will be given to this stipulation in a recomputation to be made under Rule 50.
FINDINGS OF FACT
The stipulated facts are incorporated herein by reference.
Robert T. Drazen, hereinafter referred to as decedent, died testate at…
2Cases cited3 opinions
- Frizzell v. CommissionerUnited States Tax Court · 1947
- Howard v. CommissionerUnited States Tax Court · 1947
- Harvey v. United StatesCourt of Appeals for the Seventh Circuit · 1950
3Cited by2 opinions
- Drazen v. CommissionerUnited States Tax Court · 1967
- Estate of Ensley v. CommissionerUnited States Tax Court · 1977