- 10 - Respondent focuses on the language “upon or by reason of which such taxes are assessed and paid” and contends that this language exonerates from payment of estate taxes all gifts, bequests, and devises other than the residuary bequest to the Lubin-Green Foundation, reasoning that this is the only gift, bequest, or devise that does not constitute property upon or by reason of which such taxes are assessed and paid. Respondent’s construction may be tenable but is by no means compelled when the specific language that respondent relies upon is read in context with other language in decedent’s will, including the provisions dealing with the residuary bequest to the Lubin-Green Foundation and the residuary bequest in trust to decedent’s grandchildren. For example, if, as respondent contends, the language in question requires the property passing to the Lubin-Green Foundation to bear all the estate taxes, then that is the property “upon which” all the taxes are ultimately assessed and paid, and consequently that property would also be exonerated from the payment of estate taxes. Taken to its logical conclusion, then, this language might be read to exonerate all gifts, bequests, and devises from being charged with the estate taxes (other than GST tax). Also, in the absence of some clearer expression of decedent’s intent, we would be hard pressed to infer an intent on her part to allocate all the estate taxes against the charitablePage: 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