Zampella v. Comr., T.C. Memo. 2012-359

(petitioner and brother appointed as co-executors of mother's estate and, as co-executors, transferred title in mother's residence to petitioner for $215,000; petitioner claimed FTHBC and IRS denied credit on basis that purchase was from a "related person"; court agreed, noting that while siblings are excluded from the definition of related persons under I.R.C. Sec. 36(c)(5) and Sec. 267(b)(1), the executor of an estate and a beneficiary is deemed to be a related person (See I.R.C. Sec. 36(c)(5) and Sec. 267(b)(13); home acquired by beneficiary of estate from executor of estate and substance of transaction agrees with the form of the transaction).

CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.

RSS​ Facebook Twitter