- 12 -
Inc. v. Commissioner, supra; Estate of Aronson v. Commissioner,
supra.
II. Inclusion in the Gross Estate
A. General Rules
As a general rule, the Code imposes a Federal excise tax “on
the transfer of the taxable estate of every decedent who is a
citizen or resident of the United States.” Sec. 2001(a). The
taxable estate, in turn, is defined as “the value of the gross
estate”, less applicable deductions. Sec. 2051. Section 2031(a)
specifies that the gross estate comprises “all property, real or
personal, tangible or intangible, wherever situated”, to the
extent provided in sections 2033 through 2045 (i.e., subtitle B,
chapter 11, subchapter A, part III of the Code).
Section 2033 states broadly that “The value of the gross
estate shall include the value of all property to the extent of
the interest therein of the decedent at the time of his death.”
As alternately expressed by regulation, the gross estate
encompasses all property “beneficially owned by the decedent at
the time of his death.” Sec. 20.2033-1(a), Estate Tax Regs.
Sections 2034 through 2045 then explicitly mandate inclusion of
several more narrowly defined classes of assets. Among these
specific sections is section 2039, which reads in pertinent part
as follows:
Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 NextLast modified: May 25, 2011