- 19 - In light of the foregoing, the estate contends a marital deduction is allowable for the full value of decedent’s interest in the California property received by the surviving spouse, while respondent maintains that only three-eighths of the value of decedent’s interest in the Monte Vista and Calle Victoria parcels may be considered in computing the deduction. More specifically, the estate’s position is that “The U.S. property received by the surviving spouse was in bona fide recognition of her rights to 3/8ths of the entire residue of decedent’s estate and therefore passed from the decedent.” Respondent, in contrast, interprets the language of the will as granting to the surviving spouse only an undivided three-eighths interest in each residuary asset. Thus, as framed by the parties, the dispute turns on what rights in the residuary pool were afforded to decedent’s wife by the terms of his will and Hong Kong law. However, we need not address this challenging question of will construction. Even if we were to assume for the sake of argument that the fractional share legacy set forth in decedent’s will could be construed as a right to three-eighths of thePage: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
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