- 2 - tax valuation understatement.1 The issues for decision are: (1) The fair market value at the date of decedent’s death of undivided fractional interests in two parcels of real property held in a qualified terminable interest property trust (QTIP trust) in which decedent had an income interest for life. Subsumed in this issue is whether these undivided fractional interests include interests in certain timber and pecan orchards located on the parcels; and (2) whether petitioner is liable for a penalty under section 6662(g). FINDINGS OF FACT The parties have stipulated some of the facts, which we incorporate in our findings by this reference. Decedent On December 26, 1993, Augusta Porter Forbes (decedent) died. At the time of her death, she resided in Atlanta, Georgia. Her estate was administered in Fulton County, Georgia.2 1 Unless otherwise indicated, all section references are to the Internal Revenue Code in effect at the date of decedent’s death, and all Rule references are to the Tax Court Rules of Practice and Procedure. 2 The record does not conclusively establish the residence or principal place of business of the executor of decedent’s estate, Frederick W. Orr, Jr., as of the date the petition was filed. The petition provides only the executor’s mailing address in care of a law firm in Atlanta, Georgia. Decedent’s amended Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, signed Sept. 23, 1997, lists the executor’s address as a Cashiers, N.C., post office box.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011