Disclaimer of father's estate by son was upheld by CA-10
Article Abstract:
The US Court of Appeals for the 10th Circuit reversed the Tax Court in DePaoli, Jr. and found that no gift taxes were due and the marital deduction applied to the assets that passed to the decedent's widow. The Tax Court had ruled that an agreement between the widow and the decedent's son was invalid because he had disclaimed the property and it should have passed to his illegitimate sons and not back into the estate. The 10th Circuit interpreted New Mexico law and found that the son had not intended for his illegitimate children to inherit from him.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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Sale of realty completed after death did not constitute IRD
Article Abstract:
The Tax Court held in Estate of Napolitano that a posthumous sale did not result in 'income in respect of a decedent' (IRD). The factual situation was a contract for the sale of real estate which was completed posthumously. Since IRC 691(a)(1) stipulates that the decedent must have acquired a right to receive the income for it to be classified as IRD and the real estate contract contained conditions which were satisfied only posthumously, the court ruled that these unfulfilled conditions prevented classification of the income as IRD.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1993
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Time for filing disclaimer begins on date of death, concludes CA-7
Article Abstract:
The Seventh Circuit affirmed the Tax Court's decision in Estate of Fleming, holding that the nine-month period for making a disclaimer began when the decedent's assets were transferred rather than when the will began the probate process. The result was the assessment of a deficiency against the estate since the disclaimer was untimely. The legal authority for this ruling was IRC 2518.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1993
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