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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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