Estate of Simmie v. Commissioner
United States Tax Court
Decedent transferred her interest in community property into a trust established under her husband's will in exchange for a life interest in that trust. The transferred interest is taxable in decedent's estate under sec. 2036(a), I.R.C. 1954, and the value of the life estate comprised, in part, consideration received by decedent under sec. 2043 for the transfer of her interest.
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Decedent transferred her interest in community property into a trust established under her husband's will in exchange for a life interest in that trust. The transferred interest is taxable in decedent's estate under sec. 2036(a), I.R.C. 1954, and the value of the life estate comprised, in part, consideration received by decedent under sec. 2043 for the transfer of her interest. Held, the life estate is valued using the table in the Estate Tax Regs. in effect at the date of exchange rather than at the date of decedent's death. Petitioner used "flower bonds" to pay the estate tax reflected on…
1Opinion of the Court
OPINION
Irwin, Judge:
Respondent determined a deficiency of $21,783.72 in the estate tax of the Estate of Elfrida G. Simmie (hereafter decedent) who died on February 25,1971. The parties are agreed that there is an error in the factor used in calculating the deficiency.
There are two issues for determination:(1) Whether the valuation of decedent’s life interest should be computed with the life estate valuation table in effect at the date she elected to take the life estate under her husband’s will or with the life estate valuation table in effect at the date of her death; and(2) Whether unused…
2Cases cited5 opinions
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Harris v. CommissionerSupreme Court of the United States · 1950
- Bankers Trust Company, as of the Will of Harriet Delta Ellis, Deceased v. United StatesCourt of Appeals for the Second Circuit · 1960
- In Re Estate of Harry Fried, Deceased. Ethel Fried v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1971
- Estate of Fried v. CommissionerUnited States Tax Court · 1970
3Cited by15 opinions
- Estate of Boeshore v. CommissionerUnited States Tax Court · 1982
- Estate of Pfohl v. CommissionerUnited States Tax Court · 1978
- Girard Trust Bank v. United StatesUnited States Court of Claims · 1979
- Estate of Buchholtz v. CommissionerUnited States Tax Court · 1978
- Girard Trust Bank v. United StatesUnited States Court of Claims · 1981
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