Estate of Morse v. Commissioner
United States Tax Court
Prior to their marriage decedent's wife received income from a trust established by her former husband which she forfeited if she remarried. In an antenuptial agreement decedent and his wife each waived all claims to the other's property, released and waived all rights of dower, curtesy, and statutory rights in lieu thereof, and decedent agreed that after his death his wife would receive $ 12,000 per year income during her lifetime from his estate.
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Prior to their marriage decedent's wife received income from a trust established by her former husband which she forfeited if she remarried. In an antenuptial agreement decedent and his wife each waived all claims to the other's property, released and waived all rights of dower, curtesy, and statutory rights in lieu thereof, and decedent agreed that after his death his wife would receive $ 12,000 per year income during her lifetime from his estate. After their marriage decedent and his wife resided in her house and decedent paid no rent and she paid most of the costs of upkeep. Held: The…
1Opinion of the Court
Drennen, Judge:
Respondent has determined a $30,761.49 deficiency in the amount of Federal estate tax due from petitioner.
The principal issue presented is whether the present value of annual payments of $12,000 per year to the decedent’s surviving spouse is deductible by petitioner under section 2053(a)(3), I.R.C. 1954,1 as a claim against the estate “ contracted bona fide and for an adequate and full consideration in money or money’s worth” under section 2053(c)(1)(A). Upon resolution of this issue depends the relevance of respondent’s assertion that certain check stubs and summaries of…
2Cases cited8 opinions
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Tauber v. CommissionerUnited States Tax Court · 1955
- Goetchius v. CommissionerUnited States Tax Court · 1951
- Bank of New York v. United StatesCourt of Appeals for the Third Circuit · 1975
- Estate of Pollard v. CommissionerUnited States Tax Court · 1969
3 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Estate of Reilly v. CommissionerUnited States Tax Court · 1981
- Estate of Elizabeth G. Huntington, Deceased, Nancy H. Brunson, Administratrix v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1994
- Estate of Satz v. CommissionerUnited States Tax Court · 1982
- Estate of Franklin A. Morse, Deceased, the First National Bank of Southwestern Michigan, Administrator v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1980
- Estate of Morse v. CommissionerUnited States Tax Court · 1977
4 more not listed; retrieve them via the Exa API.