- 6 -
3,539 shares short intermediate govt. $36,451.70
12,023 shares income trust 127,203.34
18,198 shares intermediate govt. trust 181,434.04
Federated trust short-term govt. securities 18,500.00
Accrued net income 739.83
Principal cash 66.80
Undistributable income cash on hand 95,229.85
Subtotal 459,625.56
Less: Costs (563.88)
Total $459,061.68
During the period from January 1 to March 10, 1992, the
Marital Trust established under Andrew's will accrued income of
$15,927.26, which was payable to decedent under Article Five
(A)(1) of Andrew's will and which was paid to the Anna Soberdash
Guardianship on April 29, 1992. The $15,927.26 in income accrued
by the Marital Trust was not reported as an asset on petitioner's
Federal estate tax return.
OPINION
The primary issue is whether the value of property in which
decedent held a qualified income interest for life and for which
a deduction was allowed under section 2056(b)(7) to the estate of
Andrew J. Soberdash must be included in decedent's gross estate
pursuant to section 2044.
Section 2056(a) grants a deduction for the value of any
interest in property passing to a surviving spouse which is
included in determining the value of the gross estate. Pursuant
to section 2056(b)(1), a marital deduction cannot ordinarily be
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011