Estate of Neugass v. Commissioner
United States Tax Court
Decedent's will gave to his surviving spouse and daughter successive life estates in his art collection and the remainder interest therein to a foundation. The will further provided that, within 6 months after the date of his death, his surviving spouse could elect to take absolute ownership of any item in the collection.
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Decedent's will gave to his surviving spouse and daughter successive life estates in his art collection and the remainder interest therein to a foundation. The will further provided that, within 6 months after the date of his death, his surviving spouse could elect to take absolute ownership of any item in the collection. Within the 6-month period, the surviving spouse elected to take absolute ownership of certain items, and the estate included their value in its computation of the marital deduction. Held, the surviving spouse was given a terminable interest in the items of which she took…
1Opinion of the Court
OPINION
Section 2056 allows a deduction not to exceed 50 percent of the decedent’s adjusted gross estate for the value of any interest in property which “passes or has passed” from the decedent “to his surviving spouse, but only to the extent that such interest is included in determining the value of the gross estate.” This general rule is qualified in several respects. One qualification, section 2056(b)(1),2 provides that no marital deduction will be accorded a “terminable interest.” The definition of that term has been concisely summarized in. Allen v. United States, 359 F.2d 151, 154 (2d…
2Cases cited18 opinions
- Jackson v. United StatesSupreme Court of the United States · 1964
- Estate of Edward F. Pipe, Deceased, Nettie M. Pipe v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1957
- Pipe v. CommissionerUnited States Tax Court · 1954
- Dorothy Jane Dougherty and Louis F. Baldwin, Executors of the Estate of Allen P. Jackson v. United StatesCourt of Appeals for the Sixth Circuit · 1961
- Elizabeth Joan Allen and Alice Edna Stuhmer, Individually and as Executrices of the Estate of Chester A. Allen, Deceased v. United StatesCourt of Appeals for the Second Circuit · 1966
13 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Estate of Tompkins v. CommissionerUnited States Tax Court · 1977
- Estate of Ludwig Neugass, Deceased, Herbert Marx, Jacques Coe, Jr., and Chase Manhattan Bank, N. A., Executors v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1977
- Estate of Edmonds v. CommissionerUnited States Tax Court · 1979
- Estate of Edmonds v. CommissionerUnited States Tax Court · 1979
- Estate of Neugass v. CommissionerUnited States Tax Court · 1975
2 more not listed; retrieve them via the Exa API.