Citizens Fidelity Bank and Trust Company v. United States

BROOKS, Chief Judge.

Plaintiffs, co-executors of the estate of Mrs. Julia B. Heyburn, are seeking a refund of estate taxes paid as a result of a determination by the Commissioner of Internal Revenue that the value of certain shares of stock comprising part of Mrs. Heyburn’s gross estate was greater than the value at which they were reported in her estate tax return. The sole issue in this action, which is submitted on the taxpayer’s motion for summary judgment, is whether on the alternate valuation date one year after Mrs. Heyburn’s death the shares in question were subject to a valid option…