Estate of Wycoff v. Commissioner
United States Tax Court
Decedent's will directed that all death taxes be paid out of that portion of his estate which was not included in the marital trust; however, the will also provided that if in the best business judgment and sole discretion of his executor, such taxes could be more prudently paid from assets of the estate without respect to what was or was not included in the marital trust, they should be so paid.
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Decedent's will directed that all death taxes be paid out of that portion of his estate which was not included in the marital trust; however, the will also provided that if in the best business judgment and sole discretion of his executor, such taxes could be more prudently paid from assets of the estate without respect to what was or was not included in the marital trust, they should be so paid. Held, that the value of the interest of the surviving spouse in property passing to her from the decedent must be reduced in computing the amount of the marital deduction under sec. 2056, I.R.C.…
1Opinion of the Court
Fay, Judge:
Respondent determined a deficiency in the Federal estate tax of petitioner in the amount of $57,458.30.
The sole issue for our consideration is whether in determining the value of the marital deduction to which petitioner is entitled there must be a reduction for inheritance, estate, and transfer tax liabilities because of the executor’s power to use marital trust assets for their payment.
FINDINGS OF FACT
Some of the facts have been stipulated, and the stipulation of facts, together with exhibits attached thereto, is incorporated herein by this reference.
Milton S. Wycoff (hereinafter…
2Cases cited21 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Riggs v. Del DragoSupreme Court of the United States · 1942
- Ohio v. HelveringSupreme Court of the United States · 1934
- United States v. StapfSupreme Court of the United States · 1964
- United States v. LandCourt of Appeals for the Fifth Circuit · 1962
16 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Putnam v. PutnamMassachusetts Supreme Judicial Court · 1974
- Estate of Hubert v. CommissionerUnited States Tax Court · 1993
- Estate of Reid v. CommissionerUnited States Tax Court · 1988
- Estate of Short v. CommissionerUnited States Tax Court · 1977
- Estate of Manscill v. CommissionerUnited States Tax Court · 1992
14 more not listed; retrieve them via the Exa API.