(a) In general. The gross estate of a decedent who was a citizen or resident of the United States at the time of his death includes under section 2033 the value of all property, whether real or personal, tangible or intangible, and wherever situated, beneficially owned by the decedent at the time of his death. (For certain exceptions in the case of real property situated outside the United States, see paragraphs (a) and (c) of § 20.2031-1.) Real property is included whether it came into the possession and control of the executor or administrator or passed directly to heirs or devisees. Various statutory provisions which exempt bonds, notes, bills, and certificates of indebtedness of the Federal Government or its agencies and the interest thereon from taxation are generally not applicable to the estate tax, since such tax is an excise tax on the transfer of property at death and is not a tax on the property transferred.
(b) Miscellaneous examples. A cemetery lot owned by the decedent is part of his gross estate, but its value is limited to the salable value of that part of the lot which is not designed for the interment of the decedent and the members of his family. Property subject to homestead or other exemptions under local law is included in the gross estate. Notes or other claims held by the decedent are likewise included even though they are cancelled by the decedent's will. Interest and rents accrued at the date of the decedent's death constitute a part of the gross estate. Similarly, dividends which are payable to the decedent or his estate by reason of the fact that on or before the date of the decedent's death he was a stockholder of record (but which have not been collected at death) constitute a part of the gross estate.
[T.D. 6296, 23 FR 4529, June 24, 1958, as amended by T.D. 6684, 28 FR 11409, Oct. 24, 1963]
Notes of Decisions
Est. of Johnson v. Comm'r, 77 T.C. 120 (Tax Ct. 1981).
· cites it 14× “, provides that property subject to homestead or other exemptions under local law is included in the gross estate. Petitioner concedes that the homestead property is includable in decedent's estate but contends that the value of the interest that decedent possessed at death must…”
Est. of Mellinger v. Comm'r, 112 T.C. 26 (Tax Ct. 1999).
· cites it 2× “2033-1(a) , Estate Tax *18 Regs. Section 2044(a) includes in the gross estate the value of property in which the decedent had a qualified income interest for life and for which a marital deduction was allowed to the estate of a predeceased spouse under section 2056(b)(7) (QTIP…”
United States v. Wells Fargo Bank, 485 U.S. 351 (1988).
“2033-1 , 26 CFR § 20.2033-1 (Supp. 1964) (statutes exempting federal obligations from “all taxation” refer only to direct taxation).”
Est. of Gamble v. Comm'r, 69 T.C. 942 (Tax Ct. 1978).
· cites it 2× “It requires the existence of property "beneficially owned by the decedent at the time of his death." Sec. 20.2033-1(a) , Estate Tax Regs.”
Est. of Gillespie v. Comm'r, 75 T.C. 374 (Tax Ct. 1980).
· cites it 2× “*32 Where a dividend is paid after the decedent's death, but the declaration date and shareholder-of-record date are on or before the date of the decedent's death, such dividend is includable as a separate asset in the decedent's gross estate.”
United States v. Johnson, 224 F. Supp. 3d 1220 (D. Utah 2016).
· cites it 3× “The court agrees with the defendants that the key language of section 2033 requires the court to focus its analysis on what was “beneficially owned by the decedent at the time of his death,” 26 C.F.R. 20.2033-1, rather than on the interests owned by the beneficiaries immediately…”
Est. of Watson v. Comm'r, 94 T.C. 262 (Tax Ct. 1990).
· cites it 4× “The value of the gross estate includes the value of all property "beneficially owned by the decedent at the time of his death." Sec. 20.2033-1(a) , Estate Tax Regs.”
Est. of Silvester v. Comm'r, 36 T.C.M. 1815 (Tax Ct. 1977).
· cites it 4× “(2) Held, the gross estate includes one-half of the rent receivable with respect to real property held by the decedent and his surviving spouse as joint tenants with rights of survivorship and one-half of a joint bank account balance consisting of rentals from such property.”
Est. of Harrison v. Comm'r, 52 T.C.M. 1306 (Tax Ct. 1987).
· cites it 2× “" The Regulations reiterate the truism that the tax is "an excise tax on the transfer of property at death and is not a tax on the property transferred." Treas.”
McNary v. Comm'r, 47 T.C. 467 (Tax Ct. 1967).
· cites it 2× “Respondent's regulation, section 20.2033-1(b) , requires the inclusion in the gross estate of the amount of such dividends even though unpaid at the valuation date or, in the alternative, section 20.”
Est. of Lockett v. Comm'r, 2012 T.C. Memo. 123 (Tax Ct. 2012).
· cites it 2× “" As alternately expressed by regulation, the gross estate encompasses *157 all property "beneficially owned by the decedent at the time of his death.”
Est. of Fortunato v. Comm'r, 2010 T.C. Memo. 105 (Tax Ct. 2010).
· cites it 2× “Contention of the Parties The issue involved in this case is one of fact; i.”
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