Estate of Sparling v. Commissioner
United States Tax Court
Decedent's husband died leaving his portion of community property to a testamentary trust. Under the terms of his will decedent could elect to have her share of the community property pass into the testamentary trust. If she so elected, she would receive for her life the income from the entire corpus of the trust. Furthermore, when decedent died she held participating 10-year life agreements in ISTF, an open-end, diversified management company.
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Decedent's husband died leaving his portion of community property to a testamentary trust. Under the terms of his will decedent could elect to have her share of the community property pass into the testamentary trust. If she so elected, she would receive for her life the income from the entire corpus of the trust. Furthermore, when decedent died she held participating 10-year life agreements in ISTF, an open-end, diversified management company. Petitioner valued these agreements for estate tax purposes at their liquidation value. Held, participating agreement shares in open-end investment…
1Opinion of the Court
OPINION
Fay, Judge:
Respondent determined a deficiency in tlie Federal estate tax of petitioner as follows:
Docket No. Date of death Estate tax deficiency
1309-70_ 12/17/65 $20, 173. 27
Respondent also determined a deficiency in tlie Federal gift tax and a penalty for failure to file as follows:
Docket No. Year Gift tax deficiency Sec 6651 (a) penalty
1307-70_ 1957 $4, 643. 20 $1, 160. 80
Certain concessions having been made, the issues remaining for decision are:(1) Whether participating agreements in a mutual fund owned by decedent at her death should be valued for estate tax purposes by adding to…
2Cases cited41 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- United States v. CartwrightSupreme Court of the United States · 1973
- United States v. PelzerSupreme Court of the United States · 1941
- Jackson v. United StatesSupreme Court of the United States · 1964
- Estate of Christ v. Comm'rUnited States Tax Court · 1970
36 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Palmer v. CommissionerUnited States Tax Court · 1974
- Estate of Isabelle M. Sparling, Deceased. Crocker Citizens National Bank, Trustee v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1977
- Estate of Iversen v. CommissionerUnited States Tax Court · 1975
- Weekend Warrior Trailers, Inc. v. Comm'rUnited States Tax Court · 2011
- Matthies v. Comm'rUnited States Tax Court · 2010
9 more not listed; retrieve them via the Exa API.