Du Val's Estate v. Commissioner of Internal Revenue

ORR, Circuit Judge.

This ‘ is a petition by the executors of the last will and testament of Ethel M. DuVal, deceased, for review of a decision of the Tax Court of the United States sustaining the action of the Commissioner of Internal Revenue holding a deficiency existed in the federal estate tax paid by petitioners on the said estate.

On August 17, 1937, the M. K. Blake Estate Company, secured a loan from the Bank of America National Trust & Savings Association of Oakland, California, in the sum of $162,000, evidenced by the company’s promissory note of the same date and secured by a deed of…