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II. Discussion
A. Contentions of the Parties
Petitioner points out, and respondent does not dispute, that
assessment of tax against the Estate of James Letts, Jr., is
barred by the statute of limitations. Petitioner also points out
that section 20443 does not include in the gross estate of a
3 Sec. 2044 provides as follows:
SEC. 2044. CERTAIN PROPERTY FOR WHICH MARITAL
DEDUCTION WAS PREVIOUSLY ALLOWED.
(a) General Rule.--The value of the gross estate
shall include the value of any property to which this
section applies in which the decedent had a qualifying
income interest for life.
(b) Property To Which This Section Applies.--This
section applies to any property if--
(1) a deduction was allowed with respect to
the transfer of such property to the decedent--
(A) under section 2056 by reason of
subsection (b)(7) thereof, or
(B) under section 2523 by reason of
subsection (f) thereof, and
(2) section 2519 (relating to dispositions
of certain life estates) did not apply with
respect to a disposition by the decedent of part
(continued...)
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