Estate of Curry v. Commissioner
United States Tax Court
Pursuant to an agreement entered into prior to decedent's death, P, an estate, had the right to participate in a percentage of any contingent fees subsequently awarded in 13 pending Indian claims cases.
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Pursuant to an agreement entered into prior to decedent's death, P, an estate, had the right to participate in a percentage of any contingent fees subsequently awarded in 13 pending Indian claims cases. Past experience and an analysis of the cases involved (both as to their nature and the stage of the proceedings reached at the date of death), as well as other factors, indicated that the claims had significant value, although estimates of this value were subject to substantial imprecision. Held: Under secs. 2031 and 2033, I.R.C. 1954, the term "property" encompasses choses in action,…
1Opinion of the Court
Wilbur, Judge:
Respondent determined a deficiency in estate tax of $163,526.54 against petitioner, the Estate of James E. Curry. Concessions having been made by both parties, the remaining issue for our decision is whether the value of the decedent’s interest in certain contingent legal fees pertaining to litigation still in progress as of the date of death should be included in his estate under section 2033.1 If we find that the interest is includable in the estate, we must then ascertain the value of the interest.
FINDINGS OF FACT
Some of the facts have been stipulated by the parties. The…
2Cases cited14 opinions
- Bull v. United StatesSupreme Court of the United States · 1935
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Burnet v. LoganSupreme Court of the United States · 1931
- Estate of Smith v. CommissionerUnited States Tax Court · 1972
- Estate of David Smith, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1975
9 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- Smith Ex Rel. Estate of Smith v. CommissionerCourt of Appeals for the Fifth Circuit · 1999
- Estate of Smith v. CommissionerUnited States Tax Court · 1997
- Trigon Insurance v. United StatesDistrict Court, E.D. Virginia · 2002
- Estate of Robert E. Cartwright, Deceased, Dorothy G. Cartwright v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1999
- Rubenstein v. United StatesDistrict Court, S.D. Florida · 1993
20 more not listed; retrieve them via the Exa API.