- 31 -
be decreased by the amount of any interest paid on the
Federal Estate Tax deficiency and not claimed on Form
1041.
4. Additional Decrease Which Depends on
Decision of the Court
The parties agree that the taxable estate as
tentatively agreed in the amount of $1,328,614.69 has
been determined without allowance for the following
item which is claimed as a deduction by the petitioner
and has not been allowed by the Commissioner:
A deduction in the amount of $274,505.09 for
the value of bonds, interest on bonds, or the
proceeds of bonds, owned by the estate and
received from the estate by John T. Lynch,
Jr.
The Petitioner claims that such amount is
deductible as a theft loss, under Code section 2054.
The Respondent argues that this item is
deductible, if at all, only as an expense of
administration, under Code section 2053(a)(2), and as
such is limited to the amount allowable under the laws
of Pennsylvania, where the estate is being
administered, and the amount so allowed has already
been considered in the tentatively agreed Schedule J
adjustments noted earlier.
5. Additional Decrease Which Depends on
Substantiation By the Petitioner
The parties agree that the taxable estate as
tentatively agreed in the amount of $1,328,614.69 has
been determined without allowance for the following
item which is claimed as a deduction by the petitioner
and has not been allowed by the Commissioner:
A deduction in the amount of $43,516.25 for
fees billed by the law firm of Tupitza and
Marinelli.
The Petitioner claims that such amount is
deductible as attorney fees, as provided in section
20.2053-3(c) of the Estate Tax Regulations.
Page: Previous 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 NextLast modified: May 25, 2011