(DOWNLOAD) "Central Hanover Bank & Trust Co. v. Commissioner of Internal Revenue" by Second Circuit Circuit Court Of Appeals # eBook PDF Kindle ePub Free

eBook details

Title: Central Hanover Bank & Trust Co. v. Commissioner of Internal Revenue
Author : Second Circuit Circuit Court Of Appeals
Release Date : January 29, 1947
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 73 KB

Description

The issue raised by this appeal is of the proper deduction from the gross estate of a deceased wife for property which she "received" by "bequest" from her husband who died less than five years before, and whose estate had paid an estate tax. The facts were stipulated and are as follows. The husband died on April 11, 1937, leaving his wife as executrix and sole legatee; she died on March 5, 1941. She exercised the privilege granted her as executrix to suspend for a year the appraisal of his estate, which was finally appraised at $3,421,672.81. Deductions amounting to $411,039.93 were allowed to fix the net estate; but there were other charges, for the most part taxes, which were not deductible, amounting to $965,231.64. The net value of all the assets coming to the wife was therefore $2,045,401.46. The administration of the estate being suspended, on October 21, 1937, the Probate Court on the wifes application directed her to distribute "to herself as sole legatee" personal property - shares of stock - which had an appraised value of $2,931,766.03; and in 1938 she distributed to herself the other personal property of the estate, appraised at $44,266.09. At the time of these distributions the husbands estate was still indebted in one way or another in the amount of $1,080,961.77, which the wife paid before she died. Certain of the assets so "received" by her have been identified as part of her estate: (1.) securities of the value of $2,341,421.90 (the appraised value for the husbands estate); (2.) the proceeds of life insurance policies amounting to $135,119.72; (3.) real estate of the value of $1090.