Tax Court Rules in Favor of QPRT Settlor in Estate of Sylvia Riese et al. v. Commissioner

After the expiration of a three year QPRT, decedent died prior to payment of all of the rent on her personal residence.  The Tax Court in the Estate of Sylvia Riese et al. v. C.I.R. ruled that the decedent showed an intent to pay rent and determine the residence's fair market value.  Therefore, the value of the residence was not includable in the decedent's gross estate and accrued rent could be deducted.  

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Posted by Adam Fleischer, Associate Editor, Wealth Strategies Journal