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ESTATE OF CLAYTON v. C.I.R.

No. 92-4196.

976 F.2d 1486 (1992)

ESTATE OF Arthur M. CLAYTON, Jr., Deceased, Mary Magdalene Clayton and The First National Bank of Lamesa, Independent Co-Executors, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

November 17, 1992.

Attorney(s) appearing for the Case

Wm. Monroe Kerr and A.M. Nunley, III, Kerr, Fitz-Gerald & Kerr, Midland, Tex., for petitioners-appellants.

Gary R. Allen, Chief, Mary Frances Clark, Ann B. Durney, Appellate Section Tax Div., Dept. of Justice, and Abraham N.M. Shashy, Jr., Chief Counsel I.R.S., Washington, D.C., for respondent-appellee.

Before POLITZ, Chief Judge, and WISDOM and WIENER, Circuit Judges.

WIENER, Circuit Judge.

This federal estate tax case concerns the eligibility, for purposes of the estate tax Marital Deduction (Marital Deduction), of that portion of a legacy in trust for the benefit of the surviving spouse for which a timely Qualified Terminable Interest Property (QTIP) election was made by the surviving spouse in her capacity as Independent Executrix. On appeal Petitioners-Appellants, Mary Magdalene Clayton (Surviving Spouse) and The First National...

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