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FRANE v. C.I.R.

Nos. 92-2818, 92-3031.

998 F.2d 567 (1993)

Janet M. FRANE, Personal Representative; Estate of Robert E. Frane, Deceased, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee. ESTATE OF Robert E. FRANE, Deceased, Janet M. Frane, Personal Representative, Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Appellant.

United States Court of Appeals, Eighth Circuit.

Decided July 6, 1993.

Attorney(s) appearing for the Case

Mark G. Arnold, St. Louis, MO, argued (Dave L. Cornfeld on the brief), for appellants.

Frank P. Cihlar, Dept. of Justice, Washington, DC, argued (Gary R. Allen and Jonathan S. Cohen, on the brief), for appellee.

Before McMILLIAN, JOHN R. GIBSON, and WOLLMAN, Circuit Judges.

JOHN R. GIBSON, Circuit Judge.

In this case we examine the income tax consequences of an estate planning device known as the "death-terminating installment note."1 Janet Frane and the estate of Robert Frane, her late husband, appeal from a Tax Court decision holding that they were required to report income resulting from the cancellation of notes from the Franes' children upon Robert Frane's death. On appeal the Franes argue that no one...

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