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under section 2056(b)(7)." Schedule M states that the
executor intended to claim the marital deduction only with
respect to so much of the residue of the decedent's estate
as reduces the total estate tax payable to $156,424. The
following statement is set forth on part 2 of Schedule M:
A fraction of each of the above assets allocated
to the testamentary QTIP trust established under
Article FIFTH of decedent's last Will dated
July 9, 1986, as construed by Court Order
Modifying Decedent's Trust dated October 31, 1988
shall be subject to the QTIP election hereunder.
The numerator of such fraction shall be the
minimum amount of federal estate tax marital
deduction under Section 2056(b)(7) necessary to
reduce the Federal Estate Tax to $156,424 (based
on the values as finally determined for federal
estate tax purposes of all assets includible in
the decedent's taxable estate) and the denomina-
tor shall be the final federal estate tax value
of the property passing to the trust established
under Article FIFTH of the decedent's will, as
modified by the order modifying decedent's trust
dated October 31, 1988, after taking into account
all liabilities of the estate. * * * The fore-
going provisions shall be interpreted based on
the Executor's intent that the elective property
will reflect its proportionate share of any
increase or decline in value in the whole of the
property listed above or any subsequently
discovered property allocable to such trust and
that the total federal estate tax payable
hereunder shall not exceed $156,424.
The record of this case does not explain why the executor
intended to pay estate taxes of $156,424.
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