Estate of Smith v. Commissioner
United States Tax Court
R redetermined P's estate tax liability by increasing the "adjusted taxable gifts" under sec. 2001(b)(1)(B), I.R.C., when the time for redetermining the value of prior taxable gifts for gift tax purposes was barred by sec. 2504(c), I.R.C., and the statute of limitations.
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R redetermined P's estate tax liability by increasing the "adjusted taxable gifts" under sec. 2001(b)(1)(B), I.R.C., when the time for redetermining the value of prior taxable gifts for gift tax purposes was barred by sec. 2504(c), I.R.C., and the statute of limitations. Held, sec. 2504(c) does not bar R from revaluing prior taxable gifts when calculating "adjusted taxable gifts" for estate tax purposes pursuant to sec. 2001(b)(1)(B). Held, further, the taxpayer is entitled to have the "gift taxes payable" under sec. 2001(b)(2), I.R.C., adjusted in conformity with any increase in value.
1Opinion of the Court
Estate of Frederick R. Smith, Deceased, Frederick D. Smith and Kay A. Hemingway, Personal Representatives, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Smith v. Commissioner
Docket No. 30821-88
United States Tax Court
94 T.C. 872; 1990 U.S. Tax Ct. LEXIS 60; 94 T.C. No. 55;
June 13, 1990, Filed
R redetermined P's estate tax liability by increasing the "adjusted taxable gifts" under sec. 2001(b)(1)(B), I.R.C., when the time for redetermining the value of prior taxable gifts for gift tax purposes was barred by sec. 2504(c), I.R.C., and the statute of limitations. Held, sec.…
Also in this document: Concurring in part, dissenting in part; Dissent.
2Cases cited13 opinions
- Tennessee Valley Authority v. HillSupreme Court of the United States · 1978
- Crane v. CommissionerSupreme Court of the United States · 1947
- Badaracco v. CommissionerSupreme Court of the United States · 1984
- E. I. Dupont De Nemours & Co. v. DavisSupreme Court of the United States · 1924
- Lucas v. Pilliod Lumber Co.Supreme Court of the United States · 1930
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