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
Estate of Charles Fred Theis, Deceased, Laura Watson and Guy W. Theis, Co-Personal Representatives, Petitioners v. Commissioner of Internal Revenue, Respondent; Estate of Mary L. Theis, Deceased, Laura Watson and Guy W. Theis, Co-Executors, Petitioners v. Commissioner of Internal Revenue, Respondent
Estate of Theis v. Commissioner
Docket Nos. 8736-80, 8737-80
United States Tax Court
81 T.C. 741; 1983 U.S. Tax Ct. LEXIS 20; 81 T.C. No. 45;
October 17, 1983, Filed
Decisions will be entered under Rule 155.
Decedents gave one separate tract of land to each of their two children, but retained life…
Also in this document: Dissent · Nims; Dissent · Whitaker.
2Cases cited17 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
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