Estate of Etta H. Weinberg - Page 7

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                  Section 2031(a) provides that the value of the gross                
             estate of a decedent is determined by including the value                
             at the time of the decedent's death of all property, real                
             or personal, tangible or intangible, wherever situated.                  
             Section 2041 provides generally that a decedent's gross                  
             estate shall include the value of all property over which                
             the decedent has a general power of appointment at the time              
             of his or her death.  See sec. 2041(a)(2).                               
                  As mentioned above, at the time of her death, the                   
             decedent possessed a general power of appointment over a                 
             25.235-percent limited partnership interest in Hill House.               
             In this opinion, we sometimes refer to this interest as the              
             subject limited partnership interest.  Thus, the decedent’s              
             gross estate includes the value of this interest.  The sole              
             issue for decision in this case is the fair market value of              
             the subject limited partnership interest.                                
                  Fair market value is defined for Federal estate and                 
             gift tax purposes as the price at which the property would               
             change hands between a willing buyer and a willing seller,               
             neither being under any compulsion to buy or to sell and                 
             both having reasonable knowledge of all the relevant facts.              
             See sec. 20.2031-1(b), Estate Tax Regs.; United States v.                

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Last modified: May 25, 2011