- 3 - F. Decedent Gave Her Investment Income to Children As Asserted by Respondent on Brief, Except to Limited Extent Income Was Used To Pay Decedent's Share of Expenses of Family Farm ......... 60 II. Is Petitioner Entitled To Deduct a Portion of Land Bank Loan as Unpaid Mortgage? .......... 64 A. Value of Security Included in Decedent's Estate .. 65 B. Uncertainty That Land Bank Loan Will Ever Be Paid by Decedent's Estate ............ 68 1. Petitioner's Section 2053 Deduction Must Be Reduced on Account of Decedent's Contribution Rights ............. 68 2. The Value of Decedent's Contribution Rights Cannot Be Determined ............ 70 3. Decedent's Status as Guarantor or "Accommodation" Party ............ 71 C. Conclusion Re Unpaid Mortgage Deduction ...... 72 III. Unused Exclusions Available as Conceded in Respondent's Brief; Offset and Deduction for Gift Taxes Payable ................... 74 MEMORANDUM FINDINGS OF FACT AND OPINION BEGHE, Judge: Respondent determined a deficiency of $1,243,548 in the Federal estate tax of the Estate of Ona E. Hendrickson, Donald G. Hendrickson, personal representative (petitioner). Respondent also determined a late filing addition to tax of $248,710 under section 6651(a)(1).1 1 All section references are to the Internal Revenue Code, and all Rule references are to the Tax Court Rules of Practice and Procedure, unless otherwise specified.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011