§2001 — Imposition and rate of tax
269 cases·12 followed·8 distinguished·1 questioned·1 criticized·4 overruled·243 cited—4% support
Statute Text — 26 U.S.C. §2001
A tax is hereby imposed on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States.
The tax imposed by this section shall be the amount equal to the excess (if any) of—
a tentative tax computed under subsection (c) on the sum of—
the amount of the taxable estate, and
the amount of the adjusted taxable gifts, over
the aggregate amount of tax which would have been payable under chapter 12 with respect to gifts made by the decedent after
December 31, 1976
, if the modifications described in subsection (g) had been applicable at the time of such gifts.
For purposes of paragraph (1)(B), the term “adjusted taxable gifts” means the total amount of the taxable gifts (within the meaning of section 2503) made by the decedent after
December 31, 1976
, other than gifts which are includible in the gross estate of the decedent.
| If the amount with respect to which the tentative tax to be computed is: | The tentative tax is: |
|---|---|
| Not over $10,000 | 18 percent of such amount. |
| Over $10,000 but not over $20,000 | $1,800, plus 20 percent of the excess of such amount over $10,000. |
| Over $20,000 but not over $40,000 | $3,800, plus 22 percent of the excess of such amount over $20,000. |
| Over $40,000 but not over $60,000 | $8,200 plus 24 percent of the excess of such amount over $40,000. |
| Over $60,000 but not over $80,000 | $13,000, plus 26 percent of the excess of such amount over $60,000. |
| Over $80,000 but not over $100,000 | $18,200, plus 28 percent of the excess of such amount over $80,000. |
| Over $100,000 but not over $150,000 | $23,800, plus 30 percent of the excess of such amount over $100,000. |
| Over $150,000 but not over $250,000 | $38,800, plus 32 percent of the excess of such amount over $150,000. |
| Over $250,000 but not over $500,000 | $70,800, plus 34 percent of the excess of such amount over $250,000. |
| Over $500,000 but not over $750,000 | $155,800, plus 37 percent of the excess of such amount over $500,000. |
| Over $750,000 but not over $1,000,000 | $248,300, plus 39 percent of the excess of such amount over $750,000. |
| Over $1,000,000 | $345,800, plus 40 percent of the excess of such amount over $1,000,000. |
For purposes of subsection (b)(2), if—
the decedent was the donor of any gift one-half of which was considered under section 2513 as made by the decedent’s spouse, and
the amount of such gift is includible in the gross estate of the decedent,
any tax payable by the spouse under chapter 12 on such gift (as determined under section 2012(d)) shall be treated as a tax payable with respect to a gift made by the decedent.
If—
the decedent’s spouse was the donor of any gift one-half of which was considered under section 2513 as made by the decedent, and
the amount of such gift is includible in the gross estate of the decedent’s spouse by reason of section 2035,
such gift shall not be included in the adjusted taxable gifts of the decedent for purposes of subsection (b)(1)(B), and the aggregate amount determined under subsection (b)(2) shall be reduced by the amount (if any) determined under subsection (d) which was treated as a tax payable by the decedent’s spouse with respect to such gift.
If the time has expired under section 6501 within which a tax may be assessed under chapter 12 (or under corresponding provisions of prior laws) on—
the transfer of property by gift made during a preceding calendar period (as defined in section 2502(b)); or
an increase in taxable gifts required under section 2701(d),
the value thereof shall, for purposes of computing the tax under this chapter, be the value as finally determined for purposes of chapter 12.
For purposes of paragraph (1), a value shall be treated as finally determined for purposes of chapter 12 if—
the value is shown on a return under such chapter and such value is not contested by the Secretary before the expiration of the time referred to in paragraph (1) with respect to such return;
in a case not described in subparagraph (A), the value is specified by the Secretary and such value is not timely contested by the taxpayer; or
the value is determined by a court or pursuant to a settlement agreement with the Secretary.
For purposes of subparagraph (A), the value of an item shall be treated as shown on a return if the item is disclosed in the return, or in a statement attached to the return, in a manner adequate to apprise the Secretary of the nature of such item.
For purposes of applying subsection (b)(2) with respect to 1 or more gifts, the rates of tax under subsection (c) in effect at the decedent’s death shall, in lieu of the rates of tax in effect at the time of such gifts, be used both to compute—
the tax imposed by chapter 12 with respect to such gifts, and
the credit allowed against such tax under section 2505, including in computing—
the applicable credit amount under section 2505(a)(1), and
the sum of the amounts allowed as a credit for all preceding periods under section 2505(a)(2).
The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out this section with respect to any difference between—
the basic exclusion amount under section 2010(c)(3) applicable at the time of the decedent’s death, and
the basic exclusion amount under such section applicable with respect to any gifts made by the decedent.
Treasury Regulations
- Treas. Reg. §Treas. Reg. §20.2001-1 Valuation of adjusted taxable gifts and section 2701(d) taxable events
- Treas. Reg. §Treas. Reg. §20.2001-1(a) Adjusted taxable gifts made prior to August 6, 1997.
- Treas. Reg. §Treas. Reg. §20.2001-1(b) Adjusted taxable gifts and section 2701(d) taxable events occurring after August 5, 1997.
- Treas. Reg. §Treas. Reg. §20.2001-1(c) Finally determined.
- Treas. Reg. §Treas. Reg. §20.2001-1(d) Definitions.
- Treas. Reg. §Treas. Reg. §20.2001-1(e) Expiration of period of assessment.
- Treas. Reg. §Treas. Reg. §20.2001-1(f) Effective dates.
- Treas. Reg. §Treas. Reg. §20.2001-2 Valuation of adjusted taxable gifts for purposes of determining the deceased spousal unused exclusion amount of last deceased spouse
- Treas. Reg. §Treas. Reg. §20.2001-2(a) General rule.
- Treas. Reg. §Treas. Reg. §20.2001-2(b) Effective/applicability date.
269 Citing Cases
need not decide whether section 7491(a) applies to the material factual issues in this case because our resolution of the issues is ased on the preponderance of the evidence rather than on the allocation of the burden of proof.
On the other hand, the Federal estate tax is imposed by section 2001 of the Code.
Sections 2033 and 2041 Section 2001 imposes a tax on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States.
Sections 2033 and 2041 Section 2001 imposes a tax on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States.
Installment Payment.-- (1) In general.–-If the value of an interest in a closely held business which is included in determining the gross estate of a decedent who was (at the date of his death) a citizen or resident of the United States exceeds 35 percent of the adjusted gross estate, the executor may elect to pay part or all of the tax imposed by section 2001 in 2 or more (but not exceeding 10) equal installments.
The Patels did not argue that their estate planning objective gave their microcaptive arrangement economic substance; we likewise restrict our analysis to the microcaptive transaction and its income tax effects. 25 provided by section 831(b), and Mr. Rosenbach was aware of the ceiling. Patel II, T.C. Memo. 2024-34, at *32–33; see supr
Decedent’s Taxable Estate Section 2001 imposes a tax on the transfer of a taxable estate.
7 (A) interest paid or accrued on indebtedness properly allocable to a trade or business (other than the trade or business of performing services as an employee), (B) any investment interest (within the meaning of subsection (d)), (C) any interest which is taken into account under section 469 in computing income or loss from a passive activity of the taxpayer, (D) any qualified residence interest (within the meaning of paragraph (3)), (E) any interest payable under section 6601 on any unpaid por
Federal Estate Tax Provisions Section 2001 imposes an estate tax determined, in part, by the value of the taxable estate, which is defined as the gross estate less deductions.
Estate Tax Provisions Section 2001 imposes an estate tax determined, in part, by the value of the taxable estate.
Rule 121(d); see also Sundstrand Corp.
Section 2031(a) provides that the value ofthe decedent's gross estate includes the values ofinterests described in - 8 - sections 2033 through 2045.
Admin. Regs., provides further that the method for signing may be prescribed in "forms, instructions, or other appropriate guidance". -15- [*15] In 1998 Congress enacted the IRS Restructuring and Reform Act of 1998 (RRA 1998), Pub. L. No. 105-206, sec. 2001, 112 Stat. at 723, which provides, inter alia, that it is Congress' policy that the IRS implement guidelines for electronic filings with the hope that the IRS would achieve 80% electronic filing by 2007. See H. Conf. Rept. No. 105-599, at 23
But see Shepter, 637 A.2d at 1235 (noting that the Federal estate tax imposed by section 2001 is "computed by including values reported on the return as 'adjusted taxable gifts'").
The Estate Tax, the DSUE, and Applicable Regulations Section 2001 imposes a tax on the transfer ofthe taxable estates ofU.S.
Charitable Remainder Trust Generally, when calculating the estate tax imposed under section 2001, a deduction is allowed from the value ofthe gross estate for transfers for charitable purposes.
0-Year Installment Payment.-- (1) In general.--Ifthe value ofan interest in a closely held business, which is included in determining the gross estate ofa decedent who was (at the date ofhis death) a citizen or resident ofthe United States exceeds 35 percent ofthe adjusted gross estate, the executormay elect to pay part or all ofthe tax imposed by section 2001 in 2 or more (but not exceeding 10) equal installments.
2001; Estate ofDeputy v. Commissioner, T.C. Memo. 2003-176. The taxable estate is the gross estate less allowable deductions. Sec. 2051. The gross estate includes the value ofall property that Mr. Adell owned on the date ofdeath. Sec. 2031. Generally, the value ofthe gross estate is the fair market value ofthe included property as ofthe date o
All bare references to sections are to the Internal Revenue Code in effect for the relevant time.) 5 Section 2001 imposes a tax on "the transfer ofthe taxable estate ofevery decedentwho is a citizen or resident ofthe United States." Section 2051 defines the taxable estate as "the value ofthe gross estate" less any applicable deductions.
easons that the September 16 agreed order increased the indebtedness encumbering the policy from $500,000 to $2,495,000 and the estate included the full value ofthe Reliastar policy in the gross estate. (...continued) Forpurposes ofth tax imposed by sec. 2001, the value ofthe taxable estate shall be determined by deducting from the value ofthe gross estate such amounts for * * * any indebtedness in respect ofl] property where the value ofthe decedent's interest therein, undiminished by such * *
In determining for purposes of subsection (a) the value of any interest in property passing to the surviving - 40 - spouse for which a deduction is allowed by this section-- (A) there shall be taken into account the effect which the tax imposed by section 2001, or any estate, succession, legacy, or inheritance tax, has on the net value to the surviving spouse of such interest; and (B) where such interest or property is encumbered in any manner, or where the surviving spouse incurs any obligatio
General Powers of Appointment--General Rules Section 2001 imposes a tax on the transfer of the taxable estate of all persons who are citizens or residents.of the United States at the time of death.
Limitation on Credit .- (1) In general .--The credit provided in this section shall, not exceed the amount by which-- (A) the estate tax imposed by section 2001 or section 2101 .(after deducting the credits provided for in sections 2010, 2012, and 2014) computed without regard to this section, exceeds (B) such tax computed-by excluding- from the decedent"s-gross' estate'the'value of such property transferred 'and, .
(a) General Rule .-- (1) Allowance of deduction .--For purposes of the tax imposed by section 2001, in the case of an estate of a decedent to which this sectio n applies, the value of the taxable estate shall be determined by deducting from the value of the gross estate the adjusted value of the qualified family-owned business interests of the decedent which are described in subsection (b)(2) .
— For purposes of the tax imposed by-section 2001, in the case of an estate of a decedent to which this section applies, the value of the taxable estate shall be determined by deducting from the value of the gross estate the adjusted value of the qualified family-owned business interests of the decedent which are described in subsection (b)(2).
tallment Payment .-- (1) In general .--If the value of an interest in a closely held business, which is included in determining the gross estate of a decedent who was (at the date of his death) a citizen or resident of the United States exceeds 35 percent of the adjusted gross estate, the executor may elect to pay part or all of the tax imposed by section 2001 in 2 or more (but not exceeding 10) equal installments .
— If the value of an interest in a closely held business, which is included in determining the gross estate of a decedent who was (at the date of his death) a citizen or resident of the United States exceeds 35 percent of the adjusted gross estate, the executor may elect to pay part or all of the tax imposed by section 2001 in 2 or more (but not exceeding 10) equal installments.
2001; Estate of Deputy v. Commissioner, T.C. Memo. 2003-176. The taxable estate is the gross estate less allowable deductions. Sec. 2051. The gross estate includes the value of all property owned by a decedent at the time of death. Sec. 2031. In most instances, the value of the gross estate is the fair market value of the included property as
Decedent’s taxable estate equals her gross estate less applicable deductions. See sec. 2051. Decedent’s gross estate includes the fair market value of all property to the extent provided in sections 2031 through 2046. See sec. 2031. For purposes of this computation, the 17 Petitioners argue that decedent gave away a 48.5502- percent limi
2001; Estate of Deputy v. Commissioner, T.C. Memo. 2003-176. The taxable estate is the gross estate less allowable deductions. Sec. 2051. The gross estate includes the value of all property owned by a decedent at the time of death. Sec. 2031. In most instances, the value of the gross estate is the fair market value of the included property as
Decedent’s taxable estate equals her gross estate less applicable deductions. See sec. 2051. Decedent’s gross estate includes the fair market value of all property to the extent provided in sections 2031 through -23- 2046. See sec. 2031. For purposes of this computation, the parties dispute whether section 2036(a) applies to the residen
2001; Estate of Deputy v. Commissioner, T.C. Memo. 2003-176. The taxable estate is the gross estate less allowable deductions. Sec. 2051. The gross estate includes the value of all property owned by a decedent at the time of death. Sec. 2031. In most instances, the value of the gross estate is the fair market value of the included property as
haritable beneficiaries designated in the original instrument, with payment to be allocated among them so as generally to equal the annual payments specified for each in the original instrument, with any remaining balance paid in equal shares to Erica and Melissa Rodgerson.5 OPINION In general, for purposes of determining the estate tax imposed by section 2001, a deduction is allowed from a decedent's gross estate for transfers for public, charitable, or religious uses.
Section 2001 imposes a Federal tax "on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States." A deceased taxpayer's gross estate includes the fair market value of any interest the decedent held in Property. See secs. 2031(a), 2033; sec. 20.2031-1.(b), Estate Tax Regs.; United States v. Cartwright,
The value of the gross estate includes the value of all property to the extent of the decedent’s interest therein on the date of death. Sec. 2033. I. Section 2036 The purpose of section 2036 is to include in a deceased taxpayer’s gross estate the value of inter vivos transfers that were testamentary in nature. United States v. Estate of
OPINION Section 2001 imposes a Federal tax "on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States." The value of a decedent's gross estate includes the fair market value of any interest the decedent held in property. See secs. 2031(a), 2033; United States v. Cartwright, 411 U.S. 546, 551 (1973); sec. 20.2
The fair market value is - 11 - determined by considering the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell, and both having reasonable knowledge of relevant facts. Sec. 20.2031- 1(b), Estate Tax Regs. The determination of the fair market
The value of the gross estate includes the value of all property to the extent of the decedent’s interest therein on the date of death. Sec. 2033. I. Section 2036 The purpose of section 2036 is to include in a deceased taxpayer’s gross estate the value of inter vivos transfers that were testamentary in nature. United States v. Estate of
Section 2001 imposes a Federal tax “on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States.” A deceased taxpayer’s gross estate includes the fair market value of any interest the decedent held in property. See secs. 2031(a), 2033; sec. 20.2031-1(b), Estate Tax Regs.; United States v. Cartwright, 41
- 6 - OPINION Section 2001¹ imposes a Federal estate tax "on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States".
Introduction Section 2001 imposes an estate tax determined, in part, by the value of the taxable estate.
Marital Deduction Section 2001 imposes a tax on the transfer of the taxable estate of all decedents who are citizens or residents of the United States.
OPINION Section 2001 imposes a tax on the transfer of the taxable estate of all decedents who are citizens or residents of the United States. The amount of the tax is determined, in part, by the value of the taxable estate. Sec. 2001(b). Section 2051 defines the value of the taxable estate as the gross estate less deductions. “For estate taxes, as for inco
Discussion Section 2001 imposes a tax on the transfer of the taxable estate of all persons who are citizens or residents of the United States at the time of death.
r section 469 in computing income or loss from a passive activity of the taxpayer, (D) any qualified residence interest within the meaning of paragraph (3)), and (E) any interest payable under section 6601 on any unpaid portion of the tax imposed by section 2001 for the period during which an extension of time for payment of such tax is in effect under section 6163 or 6166 or under section 6166A (as in effect before its repeal by the Economic Recovery Tax Act of 1981).
- 16 - Discussion Generally, in computing the estate tax imposed by section 2001, section 2055(a) allows the amount of all bequests, legacies, devises, or transfers to or for the use of any corporation organized and operated exclusively for religious or charitable purposes to be deducted from the value of the decedent's gross estate.
r section 469 in computing income or loss from a passive activity of the taxpayer, (D) any qualified residence interest within the meaning of paragraph (3)), and (E) any interest payable under section 6601 on any unpaid portion of the tax imposed by section 2001 for the period during which an extension of time for payment of such tax is in effect under section 6163 or 6166 or under section 6166A (as in effect before its repeal by the Economic Recovery Tax Act of 1981).
Discussion Section 2001 imposes a tax on the taxable estate of every decedent who is a citizen or resident of the United States.
The value of the taxable estate is derived from the value of the gross estate. See sec. 2051. The value of the gross estate includes the value of all property to the extent of the decedent's interest therein at the time of - 15 - his death. See sec. 2033. We look to State law to interpret interests and rights. See Tracy v. Commissioner,
(a) General Rule.--The tax imposed by section 2001 shall be credited with all or a part of the amount of the Federal estate tax paid with respect to the transfer of property * * * to the decedent by or from a person (herein designated as a “transferor”) who died within 10 years before, or within 2 years after, the decedent’s death.
operations" means-- (i) the planting, cultivating, caring for, or cutting of trees, or (ii) the preparation (other than milling) of trees for market. (D) Election.--An election under subparagraph (A) shall be made on the return of the tax imposed by section 2001. Such election shall be made in such manner as the Secretary shall by regulations prescribe. Such an election, once made, shall be irrevocable. The report of the Senate Finance Committee accompanying the 1981 enactment of section 2032A(e
(a) Allowance of Marital Deduction.--For purposes of the tax imposed by section 2001, the value of the taxable estate shall, except as limited by subsection (b), be determined by deducting from the value of the gross estate an amount equal to the value of any interest in property which passes or has passed from the decedent to his surviving spouse, but only to the extent that such interest is included in determining th
— The tax imposed by section 2001 shall be credited with all or a part of the amount of the Federal estate tax paid with respect to the transfer of property * * * to the decedent by or from a person (herein designated as a “transferor”) who died within 10 years before, or within 2 years after, the decedent’s death.
Section 2001 imposes a tax on the taxable estate of every decedent who is a citizen or resident of the United States. The taxable estate is defined as the gross estate less deductions allowed. See sec. 2051. Section 2033 provides that a decedent’s gross estate includes “the value of all property to the extent of the interest therein of decedent at
Section 2055 provides in relevant part: (a) In General.--For purposes of the tax imposed by section 2001, the value of the taxable estate shall be determined by deducting from the value of the gross estate the amount of all bequests, legacies, devises, or transfers-- - 7 - (1) to or for the use of the United States, any State, any political subdivision thereof, or the District of Columbia, for exclusively public purposes; (2) to or for t
2001; United States Trust Co. v. Helvering, 307 U.S. 57, 60 (1939). The taxable estate is defined as the decedent's gross - 52 - estate, less specified deductions. Sec. 2051. Federal estate taxes are not a permissible deduction from the gross estate. The value of the gross estate generally includes the value of all property to the extent of t
sed by this title" refers to the tax that "is hereby imposed.on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States." Sec. 2001(a). This tax is determined based on the value of the taxable estate, sec. 2001, which, in turn, is determined by reducing the value of the gross estate by the amount of any deduction set forth in sections 2053 through 2056. Sec. 2051. Section 2053 allows a deduction for certain expenses, indebtedness, and taxes. Section
OPINION Section 2001 imposes a transfer tax on the taxable estate (determined under section 2053) of every decedent who is a citizen or resident of the United States.
Thus, decedent's transfer of her farmland constitutes an adjusted taxable gift within the meaning of section 2001 only if it is also a taxable gift within the meaning of section 2503.
2053(a) provides: (a) General Rule.--For purposes of the tax imposed by section 2001, the value of the taxable estate shall be determined by deducting from the value of the gross estate such amounts-- (1) for funeral expenses, (2) for administration expenses, (3) for claims against the estate, and (4) for unpaid mortgages on, or any indebtedness in respect of, property where the value of the decedent's interest therein
section 469 in computing income or loss from a passive activity of the taxpayer, (D) any qualified residence interest (within the meaning of paragraph (3)), and (E) any interest payable under section 6601 on any unpaid portion of the tax imposed by section 2001 for the period during which an extension of time for payment of such tax is in effect under section 6163 or 6166 or under section 6166A (as in effect before its repeal by the Economic Recovery Tax Act of 1981).
2001; United States Trust Co. v. Helvering, 307 U.S. 57, 60 (1939). Section 2051 defines the taxable estate as the gross estate less deductions. Section 2031 provides that the gross estate generally comprises all of the decedent's property, real or personal, tangible or intangible, wherever situated. Section 2033 states in very broad terms: "T
- 4 - OPINION Section 2001 imposes a tax on the transfer of the taxable estate of all persons who are citizens or residents of the United States at the time of death.
section 469 in computing income or loss from a passive activity of the taxpayer, (D) any qualified residence interest (within the meaning of paragraph (3)), and (E) any interest payable under section 6601 on any unpaid portion of the tax imposed by section 2001 for the period during which an extension of time for payment of such tax is in effect under section 6163 or 6166 or under section 6166A (as in effect before its repeal by the Economic Recovery Tax Act of 1981).
n 469 in computing income or loss from a passive activity of the taxpayer, - 6 - (D) any qualified residence interest (within the meaning of paragraph (3)), and (E) any interest payable under section 6601 on any unpaid portion of the tax imposed by section 2001 for the period during which an extension of time for payment of such tax is in effect under section 6163 or 6166 or under section 6166A (as in effect before its repeal by the Economic Recovery Tax Act of 1981).
section 469 in computing income or loss from a passive activity of the taxpayer, (D) any qualified residence interest (within the meaning of paragraph (3)), and (E) any interest payable under section 6601 on any unpaid portion of the tax imposed by section 2001 for the period during which an extension of time for payment of such tax is in effect under section 6163 or 6166 or under section 6166A (as in effect before its repeal by the Economic Recovery Tax Act of 1981).
posed by this title” refers to the tax that “is hereby imposed on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States.” Sec. 2001(a). This tax is determined based on the value of the taxable estate, sec. 2001, which, in turn, is determined by reducing the value of the gross estate by the amount of any deduction set forth in sections 2053 through 2056. Sec. 2051. Section 2053 allows a deduction for certain expenses, indebtedness, and taxes. Secti
ion, the term "personal interest" means any interest allowable as a deduction under this chapter other than-- (A) interest paid or accrued on indebtedness properly allocable to a trade or business (other than the trade or business of performing services as an employee), (B) any investment interest (within the meaning of subsection (d)), (C) any interest which is taken into account under section 469 in computing income or loss from a passive activity of the taxpayer, (D) any qualified residence i
Section 2001 imposes a tax on the transfer of the taxable estate of all citizen and resident decedents. Section 2051 defines taxable estate as the gross estate less deductions. "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." Sec. 2033. Whether de
It provides: The marital share shall be an amount equal to the value of my residuary estate, reduced by the largest amount which, when added to the amount of any adjusted taxable gifts made by me during my lifetime, will be subject to federal estate tax under section 2001 of the Internal Revenue Code of 1986, or any successor provision, at a marginal rate of less than 50%.
section 469 in computing income or loss from a passive activity of the taxpayer, (D) any qualified residence interest (within the meaning of paragraph (3)), and (E) any interest payable under section 6601 on any unpaid portion of the tax imposed by section 2001 for the period during which an extension of time for payment of such tax is in effect under section 6163 or 6166 or under section 6166A (as in effect before its repeal by the Economic Recovery Tax Act of 1981).
question of intent--inherent in contrived value situations--is not relevant. - 15 - Petitioner also argues that the general policy of the unified gift and estate transfer tax system (enacted as a part of The Tax Reform Act of 1976, Pub. L. 94-455, sec. 2001, 90 Stat. 1520, 1846) dictates that the restrictions have an effect on the determination of value for estate tax purposes, and that since the securities law restrictions were applicable to gifts by the decedent, they are required to be taken
- 3 - Section 2001 imposes a tax on the transfer of the taxable estate of all citizen and resident decedents. Section 2051 defines taxable estate as the gross estate less deductions. Section 2056(a) provides: (a) Allowance of Marital Deduction.--For purposes of the tax imposed by section 2001, the value of the taxable estate shall, except as limited by s
Congress statutorily excluded some interest on tax deficiencies from the "personal interest" definition by specifically providing in section 163(h)(2)(E) that interest on estate taxes imposed by section 2001 is, in certain circumstances, not personal interest.
The principal adjustment was the disallowance of $4,162,439.24 of the marital deduction because of respondent’s determination that the "spouse's entire interest in the marital trust was subject to a power in the executors to appoint the corpus to someone other than the surviving spouse." OPINION Section 2001 imposes a tax on the transfer of the taxable estate of any person who is a citizen or resident of the United States at the time of death.
General Rule.--For purposes of the tax imposed by section 2001, the value of the taxable estate shall be determined by deducting from the value of the gross estate such amounts-- * * * * * * * (2) for administration expenses, * * * * * * * as are allowable by the laws of the jurisdiction, whether within or without the United States, under which the estate is being administered.
Congress statutorily excluded some interest on tax deficiencies from the “personal interest” definition by specifically providing in section 163(h)(2)(E) that interest on estate taxes imposed by section 2001 is, in certain circumstances, not personal interest.
The principal adjustment was the dis-allowance of $4,162,439.24 of the marital deduction because of respondent’s determination that the “spouse’s entire interest in the marital trust was subject to a power in the executors to appoint the corpus to someone other than the surviving spouse.” OPINION Section 2001 imposes a tax on the transfer of the taxable estate of any person who is a citizen or resident of the United States at the time of death.