Estate of Mildred Green, Deceased, Thomas R. Green, Executor, (2003)

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Estate of Mildred Green, Deceased, Thomas R. Green, Executor, (2003)

T.C. Memo. 2003-348

UNITED STATES TAX COURT ESTATE OF MILDRED GREEN, DECEASED, THOMAS R. GREEN, EXECUTOR, Petitioner v.

COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 3839-02. Filed December 29, 2003.

Jacqueline A. Dimmitt, Jay L. Levitch, and Lewis E. Striebeck, Jr., for petitioner.

Steven W. LaBounty, for respondent.

MEMORANDUM FINDINGS OF FACT AND OPINION THORNTON, Judge: Respondent determined a $1,205,541 Federal estate tax deficiency with respect to the Estate of Mildred Green (the estate). The issues for decision are: (1) The proper allocation of Federal and Missouri estate taxes to the property bequests in the will of Mildred Green (decedent); (2) the proper allocation of Federal generation-skipping transfer (GST) tax to the property bequests in decedent's will; and (3) the fair market value of decedent's shares of stock of Royal Bancshares, Inc.1 FINDINGS OF FACT The parties stipulated some facts, which we incorporate, along with the associated exhibits, into our findings of fact. Decedent died on September 26, 1997. Her domicile at death was in St. Louis, Missouri. When the petition was filed, the executor's legal residence was in St. Louis, Missouri. Decedent's Will On November 10, 1997, decedent's will, dated July 10, 1990, was admitted to probate. Section B of Article FIRST of decedent's will, which deals with the payment of transfer, estate, inheritance, succession, and other death taxes, provides: B. I direct my Personal Representative to pay, out of my estate, all transfer, estate, inheritance, succession and other death taxes (exclusive of any generation-skipping transfer tax) payable, including interest and penalties thereon, if any, assessed by the United States or assessed by any state thereof or by any foreign government against my estate or against any gift, bequest or devise, or assessed by reason of the inclusion in my estate for tax purposes of any life insurance proceeds, annuity, joint property, property held as a tenant by the entirety or any other property or interest in property (other than property of any trust created by me under an instrument which provides otherwise with respect to the property of such trust);

such taxes shall not be charged against nor deducted from any such gift, bequest, devise, life insurance proceeds, annuity, joint pro...

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