Estate of Levitt v. Commissioner
United States Tax Court
On June 12, 1975, D executed a trust agreement and made an inter vivos transfer of certain property to the trust. On Mar. 6, 1978, D amended the trust agreement in its entirety. The amended trust agreement contains a formula which refers to the maximum marital deduction. D died intestate on May 13, 1985. Held, the formula in the trust is not the type of "formula" contemplated by sec. 403(e)(3), Economic Recovery Tax Act of 1981, Pub.
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On June 12, 1975, D executed a trust agreement and made an inter vivos transfer of certain property to the trust. On Mar. 6, 1978, D amended the trust agreement in its entirety. The amended trust agreement contains a formula which refers to the maximum marital deduction. D died intestate on May 13, 1985. Held, the formula in the trust is not the type of "formula" contemplated by sec. 403(e)(3), Economic Recovery Tax Act of 1981, Pub. L. 97-34, 95 Stat. 305 (sec. 403(e)(3)). Held, further: Sec. 403(e)(3) does not preclude P from qualifying for an unlimited marital deduction under I.R.C. sec.…
1Opinion of the Court
OPINION
NlMS, Chief Judge:
Respondent determined a deficiency in petitioner’s Federal estate tax in the amount of $143,327.
The issue for decision is whether section 403(e)(3) of the Economic Recovery Tax Act of 1981, Pub. L. 97-34, 95 Stat. 305 (ERTA), precludes petitioner from qualifying for an unlimited marital deduction under section 2056. (Unless otherwise indicated, all section references are to the Internal Revenue Code as amended and in effect as of the date of the decedent’s death and all Rule references are to the Tax Court Rules of Practice and Procedure.)
The parties submitted this…
2Cases cited9 opinions
- Liberty National Bank & Trust Company, Estate of Terry H. Fischer, Deceased v. United StatesCourt of Appeals for the Sixth Circuit · 1989
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