Estate of Moss v. Commissioner
United States Tax Court
Decedent sold stock and property for which he received promissory notes as payment. The notes contained a cancellation clause providing that the principal and interest due under the notes would be extinguished on decedent's death. The sale was made at arm's length for adequate and full consideration. Held, the notes are not to be included in decedent's gross estate.
1Opinion of the Court
Irwin, Judge:
Respondent determined a deficiency of $87,077.02 in petitioner’s estate tax.
The issues presented for our consideration are: (1) Whether promissory notes held by decedent but which were extinguished upon his death are includable in his gross estate; (2) if the notes are includable in decedent’s estate, the fair market value of the notes; and (3) whether respondent should allow a credit against the Federal estate tax for $5,653.15 paid by petitioner to the State of Florida.
FINDINGS OF FACT
Some of the facts have been stipulated. The stipulation of facts and the exhibits attached…
2Cases cited9 opinions
- Crooks v. HarrelsonSupreme Court of the United States · 1930
- Fidelity-Philadelphia Trust Co. v. SmithSupreme Court of the United States · 1958
- Bergan v. CommissionerUnited States Tax Court · 1943
- Buckwalter v. CommissionerUnited States Tax Court · 1966
- United States v. Ashby O. Stewart, of the Last Will and Testament of Mary W. Stewart, DeceasedCourt of Appeals for the Ninth Circuit · 1959
4 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Estate of Musgrove v. United StatesUnited States Court of Federal Claims · 1995
- Frane v. CommissionerCourt of Appeals for the Eighth Circuit · 1993
- Estate of Duilio Costanza, Deceased Michael Costanza v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 2003
- Estate of Frane v. CommissionerUnited States Tax Court · 1992
- Estate of Frane v. CommissionerUnited States Tax Court · 1992
2 more not listed; retrieve them via the Exa API.