Ithaca Trust and Section 2053: Smith, McMorris, and O’Neal

3 Pages Posted: 11 May 2012

See all articles by Wendy C. Gerzog

Wendy C. Gerzog

University of Baltimore - School of Law

Date Written: May 10, 2012


Ithaca Trust Co. v. United States, a section 2055 case, held that the annuity tables had to be used to value the life estate of decedent’s wife, the non-charitable beneficiary, despite the death of his wife before the due date for filing the decedent’s estate tax return. Since that opinion, some courts have cited Ithaca Trust for the proposition that the facts subsequent to a decedent’s death are irrelevant to determining the date of death value of property and have extended that principle to apply to deductions under section 2053.

Keywords: Ithaca Trust, estate tax, deductions, postdeath facts, section 2053, Smith, McMorris, and O'Neal

JEL Classification: H20, H24, H29, K34

Suggested Citation

Gerzog, Wendy C., Ithaca Trust and Section 2053: Smith, McMorris, and O’Neal (May 10, 2012). Tax Notes, Vol. 95 , No. 3, 2002. Available at SSRN:

Wendy C. Gerzog (Contact Author)

University of Baltimore - School of Law ( email )

1420 N. Charles Street
Baltimore, MD 21218
United States
410-837-4522 (Phone)

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