- 17 -
1952, are as follows:
Fiscal Year Ending January 31
(In Thousands)
1949 1950 1951 1952
Assets $452 $405 $385 $432
Earned surplus 120 103 127 148
Sales 742 644 593 677
Net income 35 6 24 21
OPINION
The Internal Revenue Code imposes a Federal estate tax on
the transfer of the taxable estate of a decedent who is a citizen
or resident of the United States. Secs. 2001 and 2002. The
value of the gross estate includes the value of all property to
the extent of the decedent's interest therein on the date of
death.9 Sec. 2033.
Section 2036(a) provides that a decedent's gross estate also
includes the value of all property interests transferred by a
decedent during his life in which the decedent has retained for
life the right to the possession, enjoyment, or income from the
property. However, section 2036(a) does not apply when the
property interest of the decedent was transferred pursuant to a
"bona fide sale for an adequate and full consideration in money
9The executor, however, may elect to value a decedent's
property as of an alternate valuation date; i.e., 6 months after
death. Sec. 2032.
Page: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 NextLast modified: May 25, 2011