- 3 - section 1341(a)(5) and (b),3 and (2) whether respondent may now amend the answer to reduce the amount of the credit for State death taxes that was determined in the notice of deficiency. Respondent's Rule 155 computation uses the reduced credit in computing the estate tax deficiency. These cases were submitted fully stipulated. Neither party alleges any factual dispute, and neither party argues that additional evidence is necessary to resolve the computational dispute. We shall summarize the relevant facts and our holdings for each of the remaining computational issues.4 Section 1341 Credit In 1970, decedent and her two aunts, Jessamine and Frankie Allen, entered into oil and gas leases from which they derived royalties during the years 1975 through 1980. Jessamine and Frankie Allen died in 1979 and 1989, respectively, and decedent served as the independent executrix of both their estates. Upon Jessamine's death, decedent inherited a portion of Jessamine's interest in the leased property. Upon Frankie's death, decedent inherited all of Frankie's interest in the leased property, including the remaining portion of Jessamine's interest which Frankie had previously inherited. 3The amount of the resulting overpayment will be determinative of the amount of a corresponding asset for estate tax purposes. 4A more complete statement of facts is contained in our previous opinion.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
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