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value of the transfer to a charitable entity was neither
"presently ascertainable" at the date of decedent's death, nor
was the possibility that the property would not be transferred to
a qualifying organization so remote as to be negligible.7
2. Deduction of Operating Expenses of the Cattle Ranch
Section 2053(a) allows a deduction for administration
expenses in determining the value of the taxable estate. Section
2053(b) allows a deduction for expenses of administering
nonprobate property included in the gross estate if the expenses
are paid prior to the expiration of the period of limitations for
assessment under section 6501, and the expenses would be
allowable under section 2053(a) if the property administered
would have been probate property. See Burrow Trust v.
Commissioner, 39 T.C. 1080, 1087-1088 (1963), affd. 333 F.2d 66
(10th Cir. 1964). Generally, the period of limitations for
assessment is 3 years after the return is filed. Sec. 6501(a).
Where a taxpayer has filed a petition in this Court, the period
of limitations is suspended from the time that the notice of
deficiency is mailed until 60 days after the decision of this
Court becomes final. Sec. 6503(a)(1).
The cattle ranch business, which was transferred by decedent
to the Trust during her lifetime, is nonprobate property that is
7 Petitioner also alleged in its petition that it was
entitled to a deduct a loss for estate tax purposes on the
portion of Basinger sold to the Water District. Inasmuch as
petitioner failed to address this issue at trial or on brief, we
regard petitioner as having abandoned it.
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