Estate of Joslyn v. Commissioner
United States Tax Court
The estate incurred expenses in selling stock in a secondary offering. In computing the value of the stock for inclusion in the gross estate, the respondent ascertained the mean between the high and low selling prices of the stock at the date of death and reduced the value so ascertained by the expenses incurred in the secondary offering.
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The estate incurred expenses in selling stock in a secondary offering. In computing the value of the stock for inclusion in the gross estate, the respondent ascertained the mean between the high and low selling prices of the stock at the date of death and reduced the value so ascertained by the expenses incurred in the secondary offering. Held, since the expenses of selling the stock were taken into consideration in computing the value of the gross estate, the petitioner may not also deduct them as expenses of administration under sec. 2053(a)(2), I.R.C. 1954.
1Opinion of the Court
Simpson, Judge:
The respondent determined a deficiency in the Federal estate tax of the Estate of Marcellus L. Joslyn in the amount of $150,710.74. A number of issues have been settled; the issue remaining for decision is whether certain expenses incurred in connection with the sale of stock, haying been allowed as a reduction in the value of the stock to be included in the gross estate, are also deductible as expenses of administration under section 2053 of the Internal Revenue Code of 1954.1
FINDINGS OF FACT
Some of the facts have been stipulated, and those facts are so found.
Marcellus L.…
2Cases cited12 opinions
- Charles Ilfeld Co. v. HernandezSupreme Court of the United States · 1934
- Huntington v. CommissionerUnited States Board of Tax Appeals · 1937
- Bray v. CommissionerUnited States Tax Court · 1966
- Marwais Steel Company v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1965
- Abbett v. CommissionerUnited States Tax Court · 1952
7 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Collins v. AugerCourt of Appeals for the Eighth Circuit · 1978
- In Re Estate of Marcellus L. Joslyn, Deceased. Robert D. MacDonald v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1974
- Estate of Joslyn v. CommissionerUnited States Tax Court · 1975
- Estate of De Foucaucourt v. CommissionerUnited States Tax Court · 1974
- Estate of Helen Baker Jenner, Deceased and Continental Illinois National Bank and Trust Company of Chicago v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1978
6 more not listed; retrieve them via the Exa API.