26 C.F.R. § 20.2031-5
Valuation of cash on hand or on deposit
The amount of cash belonging to the decedent at the date of his death, whether in his possession or in the possession of another, or deposited with a bank, is included in the decedent's gross estate. If bank checks outstanding at the time of the decedent's death and given in discharge of bona fide legal obligations of the decedent incurred for an adequate and full consideration in money or money's worth are subsequently honored by the bank and charged to the decedent's account, the balance remaining in the account may be returned, but only if the obligations are not claimed as deductions from the gross estate.
Notes of Decisions
Cited in 5
cases (2 in the last 5 years), 1994–2023 · leading case: Rosano v. United States, 67 F. Supp. 2d 113 (E.D.N.Y 1999).
Rosano v. United States, 67 F. Supp. 2d 113 (E.D.N.Y 1999). “” 26 C.F.R. § 20.2031-5 (1998). Although Section 2051 imposes a tax on the transfer of property by gift, Section 2503(b) provides that the first $10,-000 of gifts made to any person during a year are excluded in computing the total amount of gifts made during that year.”
Metzger v. Comm'r of Internal Revenue Serv., 38 F.3d 118 (4th Cir. 1994). “§§ 2031 , 2033; 26 C.F.R. § 20.2031-5 ; and in the Tax Court below, and now by the majority here, the doctrine has been extended to escape the reach of the controlling regulations requiring that a donor part with all dominion and control over property before his gift be…”
Est. of Holland v. Comm'r, 1997 T.C. Memo. 302 (Tax Ct. 1997). “If bank checks outstanding at the time of decedent's death and given in discharge of bona fide legal obligations of the decedent incurred for an adequate and full consideration in money or money's worth are subsequently honored by the bank and charged to the decedent's account,…”
Donald L. DeMuth v. Comm'r of Internal Revenue (3rd Cir. 2023). “§§ 2031(a), 2033, including the “amount of cash belonging to the decedent at the date of his death, whether in his possession or in the possession of another, or deposited with a bank,” 26 C.F.R. § 20.2031-5 . In the case of gifts of such property, where “the donor has 3 The…”
United States v. Allison (E.D. Cal. 2022). “” 26 C.F.R. § 20.2031-5 . 11 The parties dispute whether the $35,000 cashier’s check should be included in the gross 12 estate.”
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