Estate of Bischoff v. Commissioner
United States Tax Court
Within a very short time period, Bruno and Bertha Bischoff each created identical trusts for their joint grandchildren, naming each other as trustee. On Bruno's and Bertha's deaths, held, the corpora of such trusts are includable in their estates. Held, further: On the facts, the estate tax valuation of decedents' interests in certain partnerships is limited by the restrictive buy-sell provisions to which the interests were subject at death.
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Within a very short time period, Bruno and Bertha Bischoff each created identical trusts for their joint grandchildren, naming each other as trustee. On Bruno's and Bertha's deaths, held, the corpora of such trusts are includable in their estates. Held, further: On the facts, the estate tax valuation of decedents' interests in certain partnerships is limited by the restrictive buy-sell provisions to which the interests were subject at death. The value of another limited partnership interest is determined, applying a discount from asset value for minority ownership.
1Opinion of the Court
Fay, Judge:
Respondent determined a deficiency in petitioners’ Federal estate taxes in docket No. 312-72 in the amount of $747,719.01 and in docket No. 1035-73 in the amount of $1,010,775.40.
Other issues having been disposed of by agreement of the parties, the issues remaining for decision are:(1) Whether the estate tax valuation of decedents’ interests in F. B. Associates and Frank Brunckhorst Co. is limited to the amount provided for and paid under the partnership restrictive buy-sell provisions in effect on the date of decedents’ deaths;(2) Whether the trust corpora of certain trusts…
2Cases cited23 opinions
- Orvis v. HigginsCourt of Appeals for the Second Circuit · 1950
- Lehman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1940
- United States v. Estate of GraceSupreme Court of the United States · 1969
- United States v. O'MALLEYSupreme Court of the United States · 1966
- Lober v. United StatesSupreme Court of the United States · 1953
18 more not listed; retrieve them via the Exa API.
3Cited by49 opinions
- Estate of Hall v. CommissionerUnited States Tax Court · 1989
- St. Louis County Bank, of the Estate of Lee J. Sloan, Deceased v. United StatesCourt of Appeals for the Eighth Circuit · 1982
- Citizens Bank & Trust Company v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1988
- Estate of True v. CommissionerCourt of Appeals for the Tenth Circuit · 2004
- Estate of Fred O. Godley, Deceased Fred D. Godley, Administrator Cta v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 2002
44 more not listed; retrieve them via the Exa API.