- 2 - John D. Mabley, for petitioner. John W. Stevens, for respondent. MEMORANDUM FINDINGS OF FACT AND OPINION WHERRY, Judge: Respondent determined a Federal estate tax deficiency of $507,103 for the Estate of Sarah M. Davenport (the estate). The issues for decision are: (1) Whether two annuities payable under a settlement agreement are includable in the gross estate for Federal tax purposes pursuant to section 2033 or 2039; (2) whether, in the event that the annuities are to be included in the gross estate, they were properly valued by respondent under section 7520; and (3) whether the estate is entitled to a deduction for the cost of a funeral luncheon pursuant to section 2053.1 FINDINGS OF FACT Some of the facts have been stipulated and are so found. The stipulations of the parties, with accompanying exhibits, are incorporated herein by this reference. Sarah M. Davenport (decedent) was a resident of the State of Michigan when she died intestate in that State on October 31, 2000. Her estate has 1 Unless otherwise indicated, section references are to the Internal Revenue Code (Code) in effect as of the date of death of Sarah M. Davenport, and Rule references are to the Tax Court Rules of Practice and Procedure.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