1976, December, Pg. 1830. From the Wool-Sack.

• Author: by Christopher R. Brauchli

5 Colo.Law. 1830

Colorado Lawyer

1976.

1976, December, Pg. 1830.

From the Wool-Sack

1830Vol. 5, No. 9, Pg. 1830From the Wool-Sackby Christopher R. BrauchliCredit against the tax imposed by. . . the Internal Revenue Code with respect to the estate of La Vere Redfield shall be allowed. . . for the conveyance of real property located within the boundaries of the Toiyabe National Forest.

---Tax Reform Act of 1976 Sec. 2010Tax lawyers have, for many months, watched with considerable interest the dilemma of the La Vere Redfield Estate. This estate, the tax specialist will recall, was the estate whose executrixes found themselves in the virtually unprecedented situation of wondering where to find funds with which to pay the estate tax following Ms. Redfield's death. The executrixes were in despair until the attorneys thought of asking their congresspersons for a piece of special interest legislation to get the executrixes off the hook. The result as we all know by now, is the La Vere Redfield Estate Tax Relief Act found at Section 2010 of something called the Tax Reform Act of 1976.

For those of you unfamiliar with the Act, and I am speaking now to those who do virtually no estate or gift tax work since others, as I said, have watched with much interest the outcome of this problem, the act provides as follows: paragraph (a) states that the executrixes may convey real property located within the boundaries of the Toiyabe National Forest to the Secretary of the Treasury in payment of the estate taxes; (b) specifies that the amount treated as credit shall be the fair market value of the real property transferred; (c) says that the executrixes of the estate must execute a deed satisfactory to the Attorney General; (d) says the act only applies if the property transferred is accepted and added to the Toiyabe National Forest; and (e) says there must be an expeditious transfer of the real property.

None of this is startling stuff. Indeed, it would ordinarily be of interest only to attorneys representing estates of decedents named La Vere Redfield owning property within the boundaries of the Toiyabe National Forest, a small, if powerful group (as the act demonstrates) at best. Of itself, the resolution of the estate's problem is of virtually no significance to other practitioners. Why, then, you may ask, am I devoting a column to...