Estate of Gregg v. Commissioner
United States Tax Court
Decedent held certain realty in a sec. 676 revocable trust. Prior to the grantor's death, the realty was condemned. The trust began replacing the condemned realty. However, the grantor died before completion of the replacement plans. The trust nevertheless continued replacing the condemned realty with other property similar or related in service or use.
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Decedent held certain realty in a sec. 676 revocable trust. Prior to the grantor's death, the realty was condemned. The trust began replacing the condemned realty. However, the grantor died before completion of the replacement plans. The trust nevertheless continued replacing the condemned realty with other property similar or related in service or use. The grantor's surviving spouse and the executor of his estate jointly elected nonrecognition treatment under sec. 1033 for the replacements made both before and after the grantor's death. Held, the grantor is the taxpayer for purposes of sec.…
1Opinion of the Court
OPINION
Tietjens, Judge:
Respondent has determined a deficiency in petitioners’ Federal income tax in the amount of $227,948. The issue is whether the replacement of condemned property after the death of the grantor of a grantor trust may qualify for nonrecognition treatment under section 1033.
This case was fully stipulated pursuant to Rule 122, Tax Court Rules of Practice and Procedure. The stipulation of facts and attached exhibits are incorporated herein by reference.
Petitioners Harriett H. Gregg, and Hugh Gregg, executor of the Estate of Harry A. Gregg, timely filed a joint Federal income…
2Cases cited8 opinions
- Estate of Jayne v. CommissionerUnited States Tax Court · 1974
- De Amodio v. CommissionerUnited States Tax Court · 1960
- Inez De Amodio, in No. 13740, John Amodio (Marquis Deamodio), in No. 13741 v. Commissioner of Internatal RevenueCourt of Appeals for the Third Circuit · 1962
- In Re Goodman's Estate. Goodman v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1952
- Estate of Morris v. CommissionerUnited States Tax Court · 1971
3 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Estate of Gregg v. CommissionerUnited States Tax Court · 1977