Estate of Penney v. Commissioner
United States Tax Court
Burden of Federal Estate Tax -- Ohio Law of Equitable Apportionment. -- During his life Penney established a revocable trust with directions to establish a marital deduction trust of one-half the corpus thereof after his death, and he died leaving certain charitable bequests and a formula marital bequest. None of the governing instruments contains a "tax clause" sufficient under Ohio law to allocate the Federal estate tax burden.
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Burden of Federal Estate Tax -- Ohio Law of Equitable Apportionment. -- During his life Penney established a revocable trust with directions to establish a marital deduction trust of one-half the corpus thereof after his death, and he died leaving certain charitable bequests and a formula marital bequest. None of the governing instruments contains a "tax clause" sufficient under Ohio law to allocate the Federal estate tax burden. The Ohio Supreme Court has introduced the doctrine of equitable apportionment selectively, requiring contribution from nonprobate assets includable in the gross…
1Opinion of the Court
Tietjens, Judge:
The Commissioner determined a deficiency of $2,392,016.62 in the estate tax liability of the estate of decedent Herbert R. Penney. Prior to the trial the estate made several concessions so that the remaining issue simply concerns the ultimate burden of the Federal estate tax liability under Ohio law.
FINDINGS OF FACT
The petitioner is the Estate of Plerbert R. Penney, deceased, Milton H. Penney, executor, Defiance, Ohio. The estate tax return for the estate was filed with the district director of internal revenue in Cincinnati, Ohio. Decedent died testate on March 2,1966, in…
2Cases cited6 opinions
- Riggs v. Del DragoSupreme Court of the United States · 1942
- Lincoln Bank & Trust Co. v. HuberCourt of Appeals of Kentucky (pre-1976) · 1951
- Jaeger v. CommissionerUnited States Tax Court · 1957
- Estate of Pangas v. CommissionerUnited States Tax Court · 1969
- Estate of Rose Gerber Jaeger, Carl F. Graf, Admr. W.W.A. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1958
1 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- In Re Estate of Herbert R. Penney, Deceased. Milton H. Penney v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1974
- Estate of Monroe v. CommissionerUnited States Tax Court · 1995
- In re the Estate of TubbsCourt of Appeals of Kansas · 1995
- Estate of Monroe v. CommissionerUnited States Tax Court · 1995
- Estate of Penney v. CommissionerUnited States Tax Court · 1972
2 more not listed; retrieve them via the Exa API.