Estate of Branson v. Commissioner
United States Tax Court
P reported the date-of-death fair market values of the stock of S and W as $ 181.50 and $ 485, respectively, per share. P sold some of the S stock for $ 335 per share and all the W stock for $ 850 per share. The gain realized on the sales by P was distributed to the residuary legatee, M, who reported the gain on her Federal income tax return and paid the income tax due. R determined a deficiency in P's estate tax liability.
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P reported the date-of-death fair market values of the stock of S and W as $ 181.50 and $ 485, respectively, per share. P sold some of the S stock for $ 335 per share and all the W stock for $ 850 per share. The gain realized on the sales by P was distributed to the residuary legatee, M, who reported the gain on her Federal income tax return and paid the income tax due. R determined a deficiency in P's estate tax liability. R's determination was based on his assertion that at the date of death the fair market values of the S and W shares were $ 300 and $ 850, respectively, per share. In…
1ConcurrenceBeghe, J.
Having joined the majority opinion, I write separately to respond to Judge Chabot’s argument that the structure of our deficiency jurisdiction prohibits us from applying equitable recoupment to redetermine petitioner’s estate tax deficiency.
In Judge Chabot’s view, the sole issue for decision in the case at hand, as he argued in Estate of Mueller v. Commissioner, 101 T.C. 551, 565-566 (1993) (Mueller II), is the valuation of the Savings and Willits shares included in decedent’s gross estate. Inasmuch as we have performed that task in Branson I, the dissent contends that nothing remains for us…
2Cases cited14 opinions
- Bull v. United StatesSupreme Court of the United States · 1935
- United States v. DalmSupreme Court of the United States · 1990
- Bob Jones University v. United StatesSupreme Court of the United States · 1983
- Commissioner v. LundySupreme Court of the United States · 1996
- Commissioner v. TuftsSupreme Court of the United States · 1983
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