Estate of Smith v. Commissioner
United States Tax Court
Held, surviving spouse's interest qualifies as a life estate with power of appointment under sec. 2056(b)(5), I.R.C. 1954. Held, further, surviving spouse's power was exercisable alone and in all events as required by sec. 2056(b)(5), I.R.C. 1954. Accordingly, decedent's bequest qualifies for the marital deduction under sec. 2056(a), I.R.C. 1954.
1Opinion of the Court
OPINION
Nims, Judge:
Respondent determined a deficiency in petitioner’s estate taxes of $14,736.14. The only issue for determination is whether a bequest to decedent’s husband is entitled to a section 20561 marital deduction.
All of the facts have been stipulated and are found accordingly.
Helen Longsworth Smith died on January 3,1978. Metropolitan Bank of Lima, Ohio, is the executor of her estate. The executor maintained its principal office in Lima, Ohio, when it filed the petition in this case.
Helen Longsworth Smith’s last will and testament was executed on May 29, 1975. The will directed that…
2Cases cited8 opinions
- Morgan v. CommissionerSupreme Court of the United States · 1940
- Tax Commission v. OswaldOhio Supreme Court · 1923
- T. Everett Starrett v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1955
- Tingley v. CommissionerUnited States Tax Court · 1954
- Findley v. City of ConneautOhio Supreme Court · 1945
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3Cited by3 opinions
- Estate of Foster v. CommissionerUnited States Tax Court · 1983
- Estate of Raisler v. CommissionerUnited States Tax Court · 1987
- Estate of Smith v. CommissionerUnited States Tax Court · 1982