Kelly v. Commissioner
United States Board of Tax Appeals
1. Decedent and her son were sole executors and sole legatees of the estate of decedent's husband. The husband's estate was solvent, but consisted principally of real estate not readily marketable for cash. The executors substituted their own personal note for a note outstanding against the husband's estate.
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1. Decedent and her son were sole executors and sole legatees of the estate of decedent's husband. The husband's estate was solvent, but consisted principally of real estate not readily marketable for cash. The executors substituted their own personal note for a note outstanding against the husband's estate. Held, upon the death of decedent no part of the substituted note is deductible from her estate. 2. Another note secured by real estate of the husband was likewise liquidated by the personal note of the executors secured by two parcels of real estate, one owned by the son and the other…
1Opinion of the Court
OPINION.
Seawell :
Respondent determined a deficiency in estate tax of the decedent in the amount of $3,783.16. Rose A. Kelly, decedent, was the widow of John A. Kelly, who died May 17,1927. She and their son, Francs J. Kelly, were the sole devisees and legatees under the will of John A. Kelly and sole executors of his estate. Francis J. Kelly is the sole executor of the estate of Rose A. Kelly, who died October 11, 1930. Each of these persons was a resident of Chicago, Illinois.
Petitioner alleges that respondent erred in disallowing as deductions three items of indebtedness of the estate of…
2Cases cited10 opinions
- Smithsonian Institution v. MeechSupreme Court of the United States · 1898
- Utermehle v. NormentSupreme Court of the United States · 1905
- Herbert & Others v. WREN & OTHERSSupreme Court of the United States · 1813
- Carper v. CrowlIllinois Supreme Court · 1894
- Tolley v. PoteetWest Virginia Supreme Court · 1907
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3Cited by3 opinions
- Estate of Scofield v. CommissionerUnited States Tax Court · 1980
- Kelly v. CommissionerUnited States Board of Tax Appeals · 1934
- Rodiek v. CommissionerUnited States Board of Tax Appeals · 1936