- 13 -
In passing, we note that the net assets available for
distribution, as computed above, include jointly owned
property valued at $519,141 that was not available for
distribution as part of the charitable bequest.
Respondent issued a notice of deficiency to the
estate. The adjustments to the original estate tax return
that respondent determined in the notice are summarized in
the following schedule:
Original
Recapitulation return Notice Difference
Real estate $199,400 $148,500 ($50,900)
Stocks & bonds 1,827,042 2,149,394 322,352
Mortgages, notes & cash 200,943 200,943 -0-
Ins. on the decedent's life 25,72025,720 -0-
Jointly owned property 519,141 519,141 -0-
Other misc. property 6,500 13,311 6,811
Transfers during the
decedent's life -0- -0- -0-
Appointment -0- -0- -0-
Annuities -0- -0- -0-
Total gross estate 2,778,746 3,057,009 278,263
Funeral expenses 48,506 87,506 39,000
Debts of the decedent 5,899 23,475 17,576
Mortgages & liens -0- -0- -0-
Total 54,405 110,981 56,576
Allowable amount 54,405 110,981 56,576
Net losses during admin.-0- -0- -0-
Expenses incurred in -0- -0- -0-
administering property
Bequests, etc. to -0- -0- -0-
surviving spouse
Charitable, public 1,346,060 800,752 (545,308)
& similar gifts
& bequests
Total allowable deductions 1,400,465911,733 (488,732)
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