To determine a decedent’s taxable estate, the Internal Revenue Code allows the decedent’s estate to utilize several deductions in various Code Sections, including Section 2053. The Treasury Regulations associated with Section 2053 were favorable to the taxpayer and contained broad language regarding the deductibility of claims and expenses. Recently, the Internal Revenue Service promulgated Proposed Treasury Regulations that would narrow the benefit of taking certain deductions to an estate. Read on to learn more.
Parman & Easterday is an estate planning law firm in Oklahoma City and Tulsa, Oklahoma.We focus on providing peace of mind for our clients through effective and thoughtful estate planning.
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