Estate of Fung v. Comm'r
United States Tax Court
D, a nonresident alien for U.S. tax purposes, possessed at the time of his death interests in certain properties located in the State of California. D's interests in two of these parcels, one of which was subject to a promissory note secured by a deed of trust, were contained in his residuary estate. D's will provided for his surviving spouse to receive a three-eighths fractional interest in his residuary estate, with the remaining five-eighths going to his sons.
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D, a nonresident alien for U.S. tax purposes, possessed at the time of his death interests in certain properties located in the State of California. D's interests in two of these parcels, one of which was subject to a promissory note secured by a deed of trust, were contained in his residuary estate. D's will provided for his surviving spouse to receive a three-eighths fractional interest in his residuary estate, with the remaining five-eighths going to his sons. In accordance with an agreement executed by the residuary beneficiaries, the two California properties were distributed to D's…
1Opinion of the Court
OPINION
NlMS, Judge:
Respondent determined a Federal estate tax deficiency in the amount of $144,980 with respect to the Estate of Hon Hing Fung (the estate). The issues for decision are:(1) Whether a one-half interest owned by Hon Hing Fung (decedent) in certain real property must be included in his gross estate at its full value of $442,500, or whether the property may be included at its net equity value after reduction for an encumbrance in the amount of $324,974; and(2) whether the estate is entitled to a marital deduction in excess of that allowed by respondent.
Unless otherwise indicated,…
2Cases cited10 opinions
- Roseleaf Corp. v. ChierighinoCalifornia Supreme Court · 1963
- Cornelison v. KornbluthCalifornia Supreme Court · 1975
- Ahmanson Foundation v. United StatesCourt of Appeals for the Ninth Circuit · 1981
- Estate of Hubert v. CommissionerUnited States Tax Court · 1993
- Commissioner v. Estate of HubertSupreme Court of the United States · 1997
5 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Estate of Fung v. Comm'rUnited States Tax Court · 2001
- Estate of Hon Hing Fung, Bernard Fung v. CommissionerUnited States Tax Court · 2001