Estate of Thompson v. Commissioner
United States Tax Court
The decedent (D) owned four farm properties, portions of which P elected to value pursuant to sec. 2032A, I.R.C. 1954. D's will devised an income interest in the farm properties to Brittingham until her death or remarriage. Brittingham is not a "qualified heir" within the meaning of the statute. Brittingham executed a disclaimer of her income interest in the farm properties, for which she was paid $ 18,000 by D's two daughters.
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The decedent (D) owned four farm properties, portions of which P elected to value pursuant to sec. 2032A, I.R.C. 1954. D's will devised an income interest in the farm properties to Brittingham until her death or remarriage. Brittingham is not a "qualified heir" within the meaning of the statute. Brittingham executed a disclaimer of her income interest in the farm properties, for which she was paid $ 18,000 by D's two daughters. Held, Brittingham's income interest in the farm properties is an interest in the property for which special use valuation is sought. Held, further, Brittingham…
1Opinion of the Court
WILLIAMS, Judge:
The Commissioner determined a deficiency in petitioner’s Federal estate tax in the amount of $509,957. After concessions by the parties, the issues this Court must decide are (1) whether petitioner may elect special use valuation for segments of two farms pursuant to section 2032A,1 and (2) the fair market value of four farm properties in the decedent’s estate.
FINDINGS OF FACT
Some of the facts of this case have been stipulated and are so found. James U. Thompson, the decedent, died on May 8, 1982. Susan T. Taylor, the personal representative of the estate of James U. Thompson,…
2Cases cited13 opinions
- Estate of Gilford v. CommissionerUnited States Tax Court · 1987
- Estate of Smith v. CommissionerUnited States Tax Court · 1972
- Estate of David Smith, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1975
- Estate of Jephson v. CommissionerUnited States Tax Court · 1983
- Estate of William A. Frieders, Deceased, Elmer Frieders v. Commissioner of Internal Revenue ServiceCourt of Appeals for the Seventh Circuit · 1982
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3Cited by15 opinions
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- Regents Park PartnersUnited States Tax Court · 1992
- Estate of Lute Ex Rel. Lane v. United StatesDistrict Court, D. Nebraska · 1998
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