State Inheritance & Gift Tax Division v. Bugdanowitz

SMITH, Judge.

The co-personal representatives of decedent Jack Bugdanowitz appeal from a judgment confirming the assessment of inheritance taxes. The effect of the Probate Court’s order is to deny a deduction for inheritance tax purposes for a debt concerning which the decedent assumed personal *904liability, and which debt was further secured by a lien upon property located outside of Colorado. We remand with directions.

In May 1975, decedent purchased a one-fourth interest in real property located in Texas. The purchase price of the property was $1,400,205. This was paid, in part, out of the…