- 14 - CHABOT, J., concurring: I join in the majority opinion, and write separately merely to note a few additional considerations in support of the majority opinion’s analysis and conclusions. I. Treasury Regulations Respondent argues that only those expenses which are reported on the estate tax return may be deducted from the gross estate in computing the amount of the underpayment. Correspondingly, respondent further argues that expenses which arise after the filing of the tax return may not be used to reduce the underpayment of the estate tax. However, section 2053(a), in determining the value of the taxable estate, permits the deduction of claims against the estate which are allowable by applicable State laws. There are some types of claims whose effect on the decedent’s estate must necessarily be determined by subsequent events, such as those claims which require further action before they become a fixed obligation of the estate. See cases discussed in Estate of Smith v. Commissioner, 108 T.C. 412, 418-419 (1997), supplemented by 110 T.C. 12 (1998); Estate of Kyle v. Commissioner, 94 T.C. 829, 848-851 (1990); Estate of Sachs v. Commissioner, 88 T.C. 769, 779-783 (1987), affd. in part and revd. in part 856 F.2d 1158, 1162-1163 (8th Cir. 1988); Estate of Van Horne v. Commissioner, 78 T.C. 728, 735-738 (1982), affd. 720 F.2d 1114 (9th Cir. 1983).Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
Last modified: May 25, 2011