Gary v. Commissioner
United States Board of Tax Appeals
Petitioner's decedent died owning a vested remainder interest in 3,000 shares of stock held in trust, subject to a life interest in his mother, which he had acquired under the will of a prior decedent who died within five years. An estate tax was paid by the prior decedent's estate on the value of the 3,000 shares of stock. There was no increase in value of the stock between the death of the prior decedent and the death of petitioner's decedent.
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Petitioner's decedent died owning a vested remainder interest in 3,000 shares of stock held in trust, subject to a life interest in his mother, which he had acquired under the will of a prior decedent who died within five years. An estate tax was paid by the prior decedent's estate on the value of the 3,000 shares of stock. There was no increase in value of the stock between the death of the prior decedent and the death of petitioner's decedent. The vested remainder interest did increase in value during this period. Held, the entire value of the vested remainder interest at the time of…
1Opinion of the Court
opinion.
Goodeigh :
Respondent determined a deficiency in estate tax (after a credit on account of state inheritance tax paid) of $376.41. Petitioner assails this determination as erroneous and claims an overpayment of $145.45.
The sole issue concerns the amount to be deducted in determining the net estate of petitioner’s decedent, as the value of property (certain stock in which this decedent had a vested remainder interest) included in the taxable estate of a prior decedent who died less than five years previously. Or., stated more narrowly, the issue is whether there shall be deducted the…
2Cases cited1 opinion
- Rodenbough v. CommissionerUnited States Board of Tax Appeals · 1925
3Cited by1 opinion
- Gary v. CommissionerUnited States Board of Tax Appeals · 1934