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ESTATE OF FAWCETT v. COMMISSIONER

Docket No. 1517-74.

64 T.C. 889 (1975)

ESTATE OF HORACE K. FAWCETT, DECEASED, EIKA MAE FAWCETT, INDEPENDENT EXECUTRIX, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed August 18, 1975.

Attorney(s) appearing for the Case

Elwood Cluck and Clyde Johnson III, for the petitioner.

Harold Friedman, William T. Overton, and David Smith, for the respondent.

STERRETT, Judge:

The respondent determined a deficiency in the Federal estate tax due from the Estate of Horace K. Fawcett in the amount of $40,760.83.1 The issues before the Court are: (1) Whether the petitioner is entitled to reduce the value of the gross estate on Horace K. Fawcett by the full amount of a note due to the Travelers Insurance Co. secured by 17,538.2 acres of ranch land in Texas though the total gross estate included...

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