- 8 - The estate concedes that the adjusted value of the combined interests in NSP and Keeton Corrections does not exceed 50 percent of the adjusted gross estate. III. The Current Dispute Between the Parties Since the estate concedes that it does not pass the 50- percent test under section 2057(b)(1)(C), it is unnecessary for us to decide whether NSP meets the requirement under section 2057(b)(1)(D) for purposes of the 50-percent test in section 2057(b)(1)(C). The estate’s concession obviates any further analysis under the statute because if both corporations combined do not satisfy the 50-percent test of section 2057(b)(1)(C), the estate will not be entitled to the deduction. The estate has raised two additional procedural arguments that require resolution by this Court. First, the estate argues that the parties have stipulated that the combined value of Keeton Industries and NSP satisfies section 2057(b)(1)(C), and that the stipulation is binding on the parties and this Court. Rule 91(e); Stamos v. Commissioner, 87 T.C. 1451, 1454 (1986). In the alternative, the estate argues that we must refuse to consider respondent’s argument that both interests combined could not meet the requirement under section 2057(b)(1)(C) because he prejudiced the estate by not raising it until his opening brief.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011