Estate of Harry Fagan, Jr., - Page 2




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               (1) Whether the amount included in the gross estate as a               
          bequest from Viola K. Fagan should be increased to restore                  
          amounts incurred for administrative expenses of her estate; and             
               (2) whether the amount of the charitable deduction should be           
          reduced by Federal estate and State inheritance taxes.                      
               This case was submitted fully stipulated pursuant to Rule              
          122.  Unless otherwise indicated, all section references are to             
          the Internal Revenue Code as in effect as of the date of                    
          decedent's death, and all Rule references are to the Tax Court              
          Rules of Practice and Procedure.                                            
               The stipulated facts are incorporated herein by this                   
          reference.  Harry Fagan, Jr. (decedent), died on May 3, 1993, a             
          resident of Wake County, North Carolina.  The executor of                   
          decedent's estate is First Citizens Bank, the principal office of           
          which was located in Raleigh, North Carolina, at the time of the            
          filing of the petition.                                                     
          Issue 1. Bequest From Viola K. Fagan                                        
               Background                                                             
               Decedent was predeceased by his mother, Viola K. Fagan                 
          (Mrs. Fagan), who died on March 5, 1992, a resident of North                
          Carolina.  A portion of her estate passed to decedent under her             
          will.  Pertinent excerpts from Mrs. Fagan's will are as follows:            
                                      ARTICLE I                                       







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