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"qualified terminable interest property". The executor listed no
property on Schedule M as QTIP.
The estate tax return for the Estate of James Letts, Jr.,
did not include a copy of the will of James Letts, Jr.
James P. Letts III signed the Federal estate tax return for
the Estate of James Letts, Jr. It was filed on September 8,
1986. Respondent did not examine or make any adjustments to that
return. The time to assess tax against the Estate of James
Letts, Jr., expired on September 8, 1989, before decedent died.
D. Decedent's Death and Federal Estate Tax Return
In her will, decedent named James P. Letts III and JoAnne L.
Magbee executors of her estate. Decedent died on April 20, 1991,
in Atlanta, Georgia, and was survived by her son, James P. Letts
III, and her daughter, JoAnne L. Magbee.
The Item II trust had not been funded before decedent died.
On January 20, 1992, petitioner applied for an extension of
time to file decedent's Federal estate tax return.
John C. Sawyer of Alston & Bird in Atlanta prepared
decedent's Federal estate tax return. Decedent's Federal estate
tax return noted that the executors of James Letts, Jr.'s estate
had not elected QTIP treatment for the Item II trust. Decedent's
estate did not include the value of the Item II trust in
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