Estate of Ogarrio (Daguerre) v. Commissioner
United States Tax Court
1. Decedent was a nonresident alien not engaged in business in the United States. Prior to his death his stockbroker in New York had credited his account with the proceeds from stock sold for the decedent, and this amount was owing to decedent at the time of his death. Held: The money thus owed to decedent was not excludable from his gross estate as "bank deposits."
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1. Decedent was a nonresident alien not engaged in business in the United States. Prior to his death his stockbroker in New York had credited his account with the proceeds from stock sold for the decedent, and this amount was owing to decedent at the time of his death. Held: The money thus owed to decedent was not excludable from his gross estate as "bank deposits." Sec. 2105(b), I.R.C. 1954. The mere fact that the brokerage firm had bank accounts of its own was not sufficient to justify treating them as reflecting "moneys deposited * * * by or for" the decedent in a bank. 2. Shares of stock…
1Opinion of the Court
OPINION
Naum, Judge:
1. "Whether proceeds of sede of securities qualified as “hank deposits” under section %105. — Rodolfo Ogarrio had already died when Bache & Co., on January 17, 1957, delivered its check to the Hanover Bank for his account. Had that check been deposited in his account prior to his death, say on January 16,1957, when the sale of the securities had been completed, there would be no problem here, because the amount on deposit in the decedent’s account at the Hanover Bank would not be subject to our estate tax. Although a nonresident alien’s gross estate is determined by…
2Cases cited11 opinions
- De Guebriant v. CommissionerUnited States Tax Court · 1950
- Weiss v. CommissionerUnited States Tax Court · 1946
- Estate of Davey v. CommissionerUnited States Tax Court · 1948
- Gade v. CommissionerUnited States Tax Court · 1948
- De Eissengarthen v. CommissionerUnited States Tax Court · 1948
6 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Estate of Ogarrio (Daguerre) v. CommissionerUnited States Tax Court · 1963
- Estate of Rodolfo Ogarrio (Daguerre), Deceased, Frank Rashap, Ancillary Administrator v. Commissioner of Internal RevenueCourt of Appeals for the D.C. Circuit · 1964