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Abstract: 

At the time of her death, decedent Eileen Belmont owned various assets, including a condominium in California. Her will directed that her real and personal property become part of her residual estate and be distributed as follows: $50,000 to her brother, David, and “the rest, residue, and remainder” to the Columbus Jewish Foundation, a recognized IRC §501(c)(3) organization (“Foundation”). At issue in the case was whether, for purposes of computing its income tax, the estate could claim a charitable contribution deduction for the amount set aside for the Foundation.

Keywords: IRC §641 and 642; Belmont v. Comm’r; charitable set-asides

Affiliations:  1: Strasburger & Price, LLP.