115 T.C. No. 10
UNITED STATES TAX COURT
ESTATE OF EDWARD H. EDDY, DECEASED,
NATIONAL CITY BANK, EXECUTOR, Petitioner v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 2735-99. Filed August 16, 2000.
The executor filed the Federal estate tax return
in this case more than 18 months after the time
prescribed by law (including extensions) for filing the
return. The value of all property included in the
gross estate was reported on the return as of the sec.
2032(a), I.R.C., alternate valuation date. R
determined that decedent's gross estate must be valued
as of the date of decedent's death, because the
executor's alternate valuation election was invalid.
Furthermore, R determined that the estate is liable for
the addition to tax under sec. 6651(a), I.R.C., for the
failure to file a timely return.
Held, the estate must value all property included
in the gross estate as of the date of decedent's death
because the executor made the alternate valuation
election more than 1 year after the time prescribed by
law (including extensions) for filing the Federal
estate tax return. See sec. 2032(d)(2), I.R.C.
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