- 15 -
of, as "qualified terminable
interest property" in order
to obtain the marital deduc-
tion for such property for
federal estate tax purposes.
Whether or not my executors
make such an election, I
hereby exonerate my executors
from any liability resulting
from making or failing to
make such an election."
The order was signed by the probate court judge and was
also signed "Approved as to form" by the guardian ad litem,
Mr. Rae, and the attorney for the estate, Mr. Lunn.
On or about November 9, 1988, shortly before the due
date for the petitioner's estate tax return, petitioner's
attorney filed with the Internal Revenue Service an
Application for Extension of Time to File U.S. Estate
(and Generation-Skipping Transfer) Tax Return and/or Pay
Estate (and Generation-Skipping Transfer) Tax(es) on Form
4768. Petitioner requested an extension of time to file
until May 23, 1989, for the following reasons:
The Decedent's estate includes numerous
interrelated closely-held businesses, some
of which have experienced serious financial
problems. Significant questions of valuation
remain unresolved despite diligent efforts
to resolve them. Furthermore, a number of
significant, unresolved contingent creditors'
claims remain outstanding against the estate.
The executor intends to make an election under
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NextLast modified: May 25, 2011