Estate of Higgins v. Commissioner
United States Tax Court
D executed a will on Aug. 29, 1980, that contained a formula giving his wife an amount equal to the maximum marital deduction but provided that such amount should, if necessary, be reduced in order to take full advantage of the unified estate and gift tax credit.
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D executed a will on Aug. 29, 1980, that contained a formula giving his wife an amount equal to the maximum marital deduction but provided that such amount should, if necessary, be reduced in order to take full advantage of the unified estate and gift tax credit. On Oct. 4, 1982, D transferred, without consideration, 10,269 shares of common stock of Dominion Bankshares Corporation (Dominion) to corporation H. At the time of transfer, D was the controlling shareholder of H. The remaining shareholders of H, with the exception of one shareholder, were all members of D's family. D died testate on…
1Opinion of the Court
ESTATE OF McCAMANT C. HIGGINS, DECEASED, MACK C. HIGGINS AND CULLEN D. LAWRENCE, CO-EXECUTORS, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Estate of Higgins v. Commissioner
Docket No. 37909-87
United States Tax Court
T.C. Memo 1991-47; 1991 Tax Ct. Memo LEXIS 66; 61 T.C.M. (CCH) 1789; T.C.M. (RIA) 91047;
February 6, 1991, Filed
Decision will be entered under Rule 155.
D executed a will on Aug. 29, 1980, that contained a formula giving his wife an amount equal to the maximum marital deduction but provided that such amount should, if necessary, be reduced in order to take full advantage…
2Cases cited17 opinions
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Harwood v. CommissionerUnited States Tax Court · 1984
- Smith v. CommissionerUnited States Tax Court · 1988
- Adaline v. Kincaid v. United StatesCourt of Appeals for the Fifth Circuit · 1982
- CTUW Hollingsworth v. CommissionerUnited States Tax Court · 1986
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