Estate of Ambrosina Blanche Lopes, deceased, James W. Lopes, Trustee - Page 4




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          decision may be rendered as a matter of law.  See Sundstrand                
          Corp. v. Commissioner, 98 T.C. 518, 520 (1992), affd. 17 F.3d 965           
          (7th Cir. 1994); Zaentz v. Commissioner, 90 T.C. 753, 754 (1988).           
          In this case both parties agree that no issues of material fact             
          remain in dispute and that a decision may be rendered as a matter           
          of law.  We agree with them.  Consequently, the issue herein is             
          ripe for summary judgment.                                                  
                                     Discussion                                       
               Section 2031(a) provides that the value of property                    
          described in sections 2033 through 2044 shall be included in a              
          decedent's gross estate.  Under section 2033, all property                  
          beneficially owned by the decedent at the time of death will be             
          included in the gross estate.  Section 2044 includes in the gross           
          estate the value of all property in which the decedent had a                
          qualified income interest for life and for which a deduction was            
          allowed to the estate of a predeceased spouse under section                 
          2056(b)(7) (QTIP).  Upon the death of the second spouse, the QTIP           
          is taxed as part of the second spouse's estate.  See sec.                   
          2044(c).                                                                    
               Property includable in the gross estate is generally                   
          included at its fair market value at the time of death.  See                
          secs. 2031-2044.  The fair market value is defined as that price            
          at which the property would change hands between a willing buyer            
          and a willing seller, neither being under any compulsion to buy             





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