Estate of Courtney v. Commissioner
United States Tax Court
Decedent and his wife purchased a residence in 1964 and financed it with a note for $ 38,000, secured by a deed of trust, payable to the First National Bank of Fort Worth. Shortly afterward, they deeded the residence to their son subject to the note and deed of trust. Decedent or his wife made all payments on the note prior to his death on May 1, 1969. Since his death all payments have been made by his wife.
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Decedent and his wife purchased a residence in 1964 and financed it with a note for $ 38,000, secured by a deed of trust, payable to the First National Bank of Fort Worth. Shortly afterward, they deeded the residence to their son subject to the note and deed of trust. Decedent or his wife made all payments on the note prior to his death on May 1, 1969. Since his death all payments have been made by his wife. The residence was not included as an asset in the decedent's gross estate, but half the outstanding balance on the note and one-half of one payment thereon were deducted as debts owed by…
1Opinion of the Court
OPINION
Dawson, Judge:
Despondent determined a Federal estate tax of $5,690.03 against the petitioners. The issues for decision are whether the Estate of Quintard Peters Courtney is entitled to a deduction for either a claim against the estate under section 2053(a) (3), I.E.C. 1954,1 or for a mortgage debt under section 2053 (a)(4).
All of the facts have been stipulated and are found accordingly.
Petitioners’ legal residence on June 1, 1973, the time of the filing of the petition in this case, was Fort Worth, Tex. Quintard P. Courtney, Sr., died in Fort Worth, Tex., on May 1, 1969. An estate tax…
2Cases cited20 opinions
- Heiner v. TindleSupreme Court of the United States · 1928
- Mosells Silvey Pitner v. United StatesCourt of Appeals for the Fifth Circuit · 1967
- Jacobs v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1929
- Estate of Hagmann v. CommissionerUnited States Tax Court · 1973
- Estate of Mary Redding Shedd, First National Bank of Arizona, Trustee v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1963
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3Cited by21 opinions
- Propstra v. United StatesCourt of Appeals for the Ninth Circuit · 1982
- Estate of Van Horne v. CommissionerUnited States Tax Court · 1982
- Smith Ex Rel. Estate of Smith v. CommissionerCourt of Appeals for the Fifth Circuit · 1999
- Estate of Fawcett v. CommissionerUnited States Tax Court · 1975
- Estate of Theis v. CommissionerUnited States Tax Court · 1983
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