Estate of Preisser v. Commissioner
United States Tax Court
Decedent died owing $ 210,615.97. His last will directed that all his debts be paid as soon as practicable after his death from his residuary estate. His residuary estate passed to his surviving spouse and formed the basis of his estate's marital deduction. Held, decedent's $ 210,615.97 debt was an obligation of his residuary estate. In re Cline's Estate, 170 Kan. 496, 227 P.2d 157 (1951), followed. Held, further, the $ 210,615.97 debt reduces the estate's marital deduction.
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Decedent died owing $ 210,615.97. His last will directed that all his debts be paid as soon as practicable after his death from his residuary estate. His residuary estate passed to his surviving spouse and formed the basis of his estate's marital deduction. Held, decedent's $ 210,615.97 debt was an obligation of his residuary estate. In re Cline's Estate, 170 Kan. 496, 227 P.2d 157 (1951), followed. Held, further, the $ 210,615.97 debt reduces the estate's marital deduction. Sec. 2056(a), I.R.C. 1954; sec. 20.2056(b)-4(b), Estate Tax Regs.
1Opinion of the Court
Körner, Judge:1
In his notice of deficiency, respondent determined a deficiency of $92,567.05 in the Federal estate tax of the Estate of Casper W. Preisser. After concessions by petitioner, the sole issue for decision is whether respondent correctly determined that the marital deduction claimed by the Estate of Casper W. Preisser should be reduced by $210,615.97.
FINDINGS OF FACT
This case was submitted for decision on fully stipulated facts pursuant to Rule 122.2 The stipulation of facts and exhibits attached thereto are incorporated herein by this reference.
Petitioner is the Estate of Casper…
2Cases cited3 opinions
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- In Re Estate of ClineSupreme Court of Kansas · 1951
- Estate of Harmon v. CommissionerUnited States Tax Court · 1985
3Cited by3 opinions
- Carlson v. Sweeney, Dabagia, Donoghue, Thorne, Janes & PagosIndiana Court of Appeals · 2007
- Estate of Baker v. CommissionerUnited States Tax Court · 1988
- Estate of Preisser v. CommissionerUnited States Tax Court · 1988