- 3 -
by the parties, was $4,722,350.67; the taxable estate equaled
$4,284,417.36; the allowable credit for State death taxes was
$311,454.74; and the net estate tax payable was $1,492,974.81.
By subtracting the credit for State death taxes and the net
estate tax payable from the taxable estate, respondent estimated
a net worth for the estate as of decedent’s date of death of at
least $2,479,987.81.2
Discussion
This Court is a court of limited jurisdiction and may
exercise jurisdiction only to the extent expressly provided by
statute. See Breman v. Commissioner, 66 T.C. 61, 66 (1976); see
also sec. 7442. Section 6404(i) grants the Tax Court
jurisdiction to review the Treasury Secretary’s failure to abate
interest in any timely action “brought by a taxpayer who meets
the requirements referred to in section 7430(c)(4)(A)(ii)”. In
his motion to dismiss for lack of jurisdiction, respondent argues
that petitioner has not shown that it meets the net worth
requirements referred to in section 7430(c)(4)(A)(ii). We agree.
The requirements referred to in section 7430(c)(4)(A)(ii)
include “the requirements of section 2412(d)(2)(B) of * * * title
28 [as in effect on October 22, 1986]”. Section 2412(d)(2)(B) of
2 Respondent notes in connection with this estimate that
certain items deductible in computing the taxable estate would
not be equivalent to liabilities for purposes of calculating net
worth, with the result that actual net worth would be higher than
the figure estimated using the taxable estate.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011