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Michael J. Calabrese, for respondent.
WELLS, Judge:* Respondent determined a deficiency of
$2,284,008 in the Federal estate tax of the Estate of Willis
Edward Clack (estate). Unless otherwise indicated, all section
references are to the Internal Revenue Code in effect on the date
of death of Willis Edward Clack (decedent), and all Rule
references are to the Tax Court Rules of Practice and Procedure.
The issue to be decided in this Opinion is whether the interest
of decedent’s surviving spouse in certain marital trust property
is "qualified terminable interest property" (QTIP) within the
meaning of section 2056(b)(7), where the passage to the surviving
spouse of the interest in the property is contingent upon the
coexecutors’ QTIP election as to the property.1
FINDINGS OF FACT
Some of the facts were stipulated for trial pursuant to Rule
91. The parties’ stipulations are incorporated into this Opinion
by reference and are found accordingly.
*
This case was reassigned to Judge Thomas B. Wells by Order
of the Chief Judge.
1
If the interest in such property is QTIP, then an additional
issue must be decided, to wit, whether the estate, inheritance,
and any other succession taxes are to be paid from the assets
passing into the marital trust or from the stock bequeathed to
decedent's son. This additional issue will be decided by a
separate opinion subsequently to be released.
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