Evans v. Commissioner
United States Board of Tax Appeals
1. Fair market value of certain shares of stock determined as of the date of acquisition thereof by the petitioners. 2. Appraisals of value for estate tax purposes and values reported for capital stock purposes are not conclusive evidence of fair market value and do no more than establish a prima facie value that may be overcome by convincing evidence.
1Opinion of the Court
*714OPINION.
Lansdon:
The Board is asked to settle only one issue; viz., What was the fair market value of the block of North American Creamery stock in question when it was acquired by the petitioners? The record discloses a slight confusion as to the date of such acquisition and counsel for petitioners attaches some importance to the fact that it did not physically pass to them until September 25, 1920, although the date of the decedent’s death was September 10, 1919. In contemplation of law the corpus of a testamentary trust passes to the trustees on the date of the death of the testator. Gage…
2Cases cited3 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- Williams v. CommissionerUnited States Board of Tax Appeals · 1929
- Security Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1931
3Cited by12 opinions
- Ketler v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1952
- Berg v. United StatesDistrict Court, W.D. Wisconsin · 1958
- Krome v. CommissionerUnited States Tax Court · 1950
- BIAGGI v. COMMISSIONERUnited States Tax Court · 2000
- Dooly v. CommissionerUnited States Tax Court · 1972
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