Estate of Babbitt v. Commissioner
United States Tax Court
Decedent executed an instrument on Sept. 11, 1980, purporting to convey to each of her 16 children and grandchildren a $ 3,000 interest in her residence.
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Decedent executed an instrument on Sept. 11, 1980, purporting to convey to each of her 16 children and grandchildren a $ 3,000 interest in her residence. Decedent died on Dec. 15, 1980. Held, assuming the Sept. 11, 1980, instrument conveyed valid interests in real property under Texas law, decedent transferred future rather than present interests, which did not qualify for the "annual exclusion" from the gift tax under sec. 2503(b), I.R.C. 1954, and were includable in her gross estate under sec. 2035(a), I.R.C. 1954, as transfers made within 3 years of decedent's death. Held, further, the…
1Opinion of the Court
FEATHERSTON, Judge:
Respondent determined a deficiency in the amount of $45,557 in petitioner’s estate tax. After concessions, the only issue for decision is whether decedent transferred during her lifetime 16 interests of $3,000 each in her residence to her 16 children and grandchildren which are includable in her gross estate under section 2035(a).1
FINDINGS OF FACT
Decedent Nona H. Babbitt (hereinafter decedent) died on December 15, 1980. The executors of her estate are Alvin E. Babbitt (Alvin) and Phylhs B. Anderson (Phylhs). At the time the petition was filed, Phylhs resided in Spring,…
2Cases cited17 opinions
- The Estate of Mary Frances Smith Bright, Deceased, by H. R. Bright, Independent v. United StatesCourt of Appeals for the Fifth Circuit · 1981
- Fondren v. CommissionerSupreme Court of the United States · 1945
- Commissioner v. DisstonSupreme Court of the United States · 1945
- Propstra v. United StatesCourt of Appeals for the Ninth Circuit · 1982
- Tennant v. DunnTexas Supreme Court · 1937
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3Cited by1 opinion
- Estate of Babbitt v. CommissionerUnited States Tax Court · 1986