Estate of Young v. Commissioner
United States Tax Court
Decedent and his wife Yang owned real property in California, a community property State. Decedent's Federal Estate Tax Return reported 50 percent of the date of death value of the property as decedent's interest therein under sec. 2033, I.R.C., and then claimed a 15-percent fractional interest discount under Propstra v. United States, 680 F.2d 1248 (9th Cir. 1982). After filing the estate tax return, P obtained a State trial court decree which adjudicated decedent's…
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Decedent and his wife Yang owned real property in California, a community property State. Decedent's Federal Estate Tax Return reported 50 percent of the date of death value of the property as decedent's interest therein under sec. 2033, I.R.C., and then claimed a 15-percent fractional interest discount under Propstra v. United States, 680 F.2d 1248 (9th Cir. 1982). After filing the estate tax return, P obtained a State trial court decree which adjudicated decedent's interest in certain property. R was not a party to the State court proceeding. R determined that decedent and Yang held the…
1Opinion of the Court
Wright, Judge:
Respondent determined a deficiency of $154,545 in petitioner’s Federal estate tax and an addition to tax under section 6651(a)1 in the amount of $38,636. After concessions by the parties, the issues remaining are:(1) Whether decedent’s property interest in the Young property was an interest in joint tenancy or in community property. We hold that decedent held the property in joint tenancy;(2) whether a fractional interest discount or a lack of marketability discount is applicable to the Young property. We hold that a discount is inapplicable;(3) whether petitioner is liable for…
2Cases cited49 opinions
- Erie Railroad v. TompkinsSupreme Court of the United States · 1938
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- United States v. BoyleSupreme Court of the United States · 1985
- Aquilino v. United StatesSupreme Court of the United States · 1960
- Bernhardt v. Polygraphic Co. of America, Inc.Supreme Court of the United States · 1956
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