Estate of Doherty v. Comm'r
United States Tax Court
P attempted to elect special use valuation under sec. 2032A, I.R.C. 1954, on its estate tax return timely filed in January 1985. The personal representative provided estimated market values on the filed return for the subject real property.
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P attempted to elect special use valuation under sec. 2032A, I.R.C. 1954, on its estate tax return timely filed in January 1985. The personal representative provided estimated market values on the filed return for the subject real property. P also attempted to elect a marital deduction for "qualified terminable interest property" under sec. 2056(b)(7), I.R.C. 1954. The decedent's will established a trust by the terms of which the surviving spouse had discretion as trustee to distribute all the income to himself for life or to accumulate part or all of the income for distribution to others…
1Opinion of the Court
OPINION
NlMS, Chief Judge:
Respondent determined a deficiency of $205,884 in petitioner’s Federal estate tax. After concessions, the issues for decision are: (1) Whether petitioner is entitled to value real property at its special use value pursuant to section 2032A, even though petitioner did not attach a formal written appraisal to the filed estate tax return; and (2) for purposes of the marital deduction, whether the surviving spouse has a “qualifying income interest for life” within the meaning of section 2056(b)(7). (Unless otherwise indicated, section references are to the Internal…
2Cases cited30 opinions
- Beals ex rel. Walker v. AresNew Mexico Supreme Court · 1919
- Taylor v. CommissionerUnited States Tax Court · 1977
- Estate of Ralph D. Cowser, Deceased, Patricia Ann Tucker v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1984
- Lucille Prussner, as of the Estate of Aileen E. Pfeifer v. United StatesCourt of Appeals for the Seventh Circuit · 1990
- Fehlhaber v. CommissionerUnited States Tax Court · 1990
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