Estate of Scofield v. Commissioner
United States Tax Court
Decedent executed a will leaving substantially all his estate to his son and naming his son as executor. Subsequently, he guaranteed bank loans made to his son and pledged securities as collateral for the loans. The bank filed no claim against the estate during its probate, but the securities were distributed to the son subject to the security interest of the bank.
Read the full summary
Decedent executed a will leaving substantially all his estate to his son and naming his son as executor. Subsequently, he guaranteed bank loans made to his son and pledged securities as collateral for the loans. The bank filed no claim against the estate during its probate, but the securities were distributed to the son subject to the security interest of the bank. Held: (1) Under California law, the bank's claim on the guaranty was not extinguished by failure to file a claim against the estate since the claim was secured; (2) under sec. 2053, I.R.C. 1954, the estate is entitled to a…
1Opinion of the Court
ESTATE OF FRANCIS NED SCOFIELD, Deceased, GRANVILLE O. SCOFIELD, Executor, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Estate of Scofield v. Commissioner
Docket No. 9606-77.
United States Tax Court
T.C. Memo 1980-470; 1980 Tax Ct. Memo LEXIS 119; 41 T.C.M. (CCH) 227; T.C.M. (RIA) 80470;
October 21, 1980, Filed
Decedent executed a will leaving substantially all his estate to his son and naming his son as executor. Subsequently, he guaranteed bank loans made to his son and pledged securities as collateral for the loans. The bank filed no claim against the estate during its probate, but…
2Cases cited24 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Estate of Horvath v. CommissionerUnited States Tax Court · 1973
- Theatre Concessions, Inc. v. CommissionerUnited States Tax Court · 1958
- Estate of Hagmann v. CommissionerUnited States Tax Court · 1973
- Latty v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1933
19 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Estate of Van Horne v. CommissionerUnited States Tax Court · 1982
- Estate of Van Horne v. CommissionerUnited States Tax Court · 1982