Eide v. Hottman

— On submission of this declaratory-judgment action to the trial court upon an agreed statement of facts he held federal estate taxes are not deductible from moneys and credits as a debt within the meaning of section 429.4, Code, 1962. Plaintiffs appeal.

Wilson B. Swaney died October 31, 1961. As executors of his estate plaintiffs held substantial moneys and credits, which were taxed as such for 1962 and 1963. However the federal estate tax exceeded the amount of moneys and credits held and if deducted there would be no tax. Plaintiffs contend they are entitled to deduct the estate tax.…