Claim valued as of date of death

Article Abstract:

The authors discuss the U.S. 5th Circuit Court of Appeals 1999 case Estate of Smith where the court reversed the Tax Court when it held that the date of death is determinative in valuing deductions for claims against decedents' estates and the actual value determined by subsequent settlement is to be disregarded.

Compromise and settlement, Settlements (Law), Tax accounting, Accounting and auditing, Influence

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Transfers to companion were giftrs, not salary, rules TC

Article Abstract:

The authors discuss the 2000 Tax Court ruling in Estate of Cavett, in which the court held that lifetime transfers and bequests to a decedent's live-in companion of 45 years were gifts, not payments for services rendered.

Finance, Gifts, Unmarried couples, Taxation of services, Service taxes

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Marital deduction not reduced by secured debts

Article Abstract:

The Sixth Circuit Court ruled the marital deduction for an elective share need not be reduced by a proportional amount of secured debts when the asset securing the debt is not part of the elective share. The marital deduction exists to permit a surviving spouse to postpone estate and inheritance tax on assets. Reducing this deduction for a debt the survivor does not owe contradicts this principle.

Estate tax, Estate taxes, Tennessee, Marital deduction

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