Estate of Thompson v. Commissioner
United States Tax Court
Two weeks prior to her death in 1974, decedent executed a 1-year note with the bank. The period provided under Indiana law for making claims against the estate expired 2 months before the maturity date of decedent's note. No claim for the note was filed by the bank during the claims period, and no payment of the note was made by the executor.
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Two weeks prior to her death in 1974, decedent executed a 1-year note with the bank. The period provided under Indiana law for making claims against the estate expired 2 months before the maturity date of decedent's note. No claim for the note was filed by the bank during the claims period, and no payment of the note was made by the executor. On or about the maturity date of decedent's note, the executor executed, on behalf of the estate, another 1-year note, the proceeds of which were used to pay the principal and accrued interest of decedent's note in full. Successive 1-year notes were…
1Opinion of the Court
Bruce, Judge:
Respondent determined a deficiency of $12,724.07 in the Federal estate tax of the Estate of Bessie L. Thompson. The entire deficiency results from respondent’s disallowance of a deduction from the gross estate, claimed by petitioner under section 2053,1 of a claim against the estate in the amount of $50,000.2 The issue presented for our decision is whether petitioner is entitled to a deduction from the gross estate for the amount of a debt owed by the decedent during her lifetime, for which no formal claim was filed during the claims period provided by local law, but which was…
2Cases cited15 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Estate of Hagmann v. CommissionerUnited States Tax Court · 1973
- Donnella, Admrx. v. CradyIndiana Court of Appeals · 1962
- Estate of Mary Redding Shedd, First National Bank of Arizona, Trustee v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1963
- Shedd v. CommissionerUnited States Tax Court · 1961
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3Cited by5 opinions
- Estate of Van Horne v. CommissionerUnited States Tax Court · 1982
- Estate of Greenberg v. CommissionerUnited States Tax Court · 1981
- Estate of Greenberg v. CommissionerUnited States Tax Court · 1981
- Estate of Thompson v. CommissionerUnited States Tax Court · 1980
- Estate of Van Horne v. CommissionerUnited States Tax Court · 1982