Legal Opinion

Estate of Bailly v. Commissioner

United States Tax Court

Decided December 12, 1983No. Docket No. 9487-81PublishedCited by 44 opinions

In Estate of Bailly v. Commissioner, 81 T.C. 246 (1983), we held that when payment of estate tax liability has been deferred under sec. 6166, I.R.C. 1954, the amount of interest to be incurred on the Federal and State estate tax liabilities may be deducted under sec. 2053(a)(2) only as that interest accrues.

Read the full summary

In Estate of Bailly v. Commissioner, 81 T.C. 246 (1983), we held that when payment of estate tax liability has been deferred under sec. 6166, I.R.C. 1954, the amount of interest to be incurred on the Federal and State estate tax liabilities may be deducted under sec. 2053(a)(2) only as that interest accrues. Petitioner timely filed a motion for reconsideration claiming that, contrary to language in our original opinion, because of the operation of sec. 6512(a), petitioner will not be able to legitimately claim deductions for that portion of the interest accruing after our decision becomes…

1Opinion of the Court

SUPPLEMENTAL OPINION

Dawson, Chief Judge:

This case is before us on petitioner’s motion for reconsideration of our opinion in the above-entitled case, 81 T.C. 246 (1983). Under the facts of this case, Dante M. Fiorini (petitioner), personal representative of the Estate of Pierre J. Bailly, deceased, properly eleeted under section 61661 to pay the estate tax liability in 10 equal installments. Petitioner deducted on the initial Federal estate tax return an estimate of the interest to be accrued over the 10 year deferral period. The issue before us was the proper timing of the deduction of the…

2Cases cited11 opinions

  1. Emma R. Dorl v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1974
  2. Dorl v. CommissionerUnited States Tax Court · 1972
  3. Haft Trust v. CommissionerUnited States Tax Court · 1974
  4. Robin Haft Trust v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1975
  5. Cleveland v. HigginsCourt of Appeals for the Second Circuit · 1945

6 more not listed; retrieve them via the Exa API.

3Cited by44 opinions

  1. Estate of Baumgardner v. CommissionerUnited States Tax Court · 1985
  2. Vaughn v. CommissionerUnited States Tax Court · 1986
  3. Harris v. CommissionerUnited States Tax Court · 1992
  4. Estate of Richardson v. CommissionerUnited States Tax Court · 1987
  5. Solitron Devices, Inc. v. United StatesCourt of Appeals for the Eleventh Circuit · 1989

39 more not listed; retrieve them via the Exa API.

Showing a preview — retrieve the full document via the Exa API.

Powered by the Exa API