Spencer v. Commissioner
United States Tax Court
In the absence of exceptional circumstances, as here, the prices at which shares of stock are traded on a free public market at the critical date is the best evidence of the fair market value for estate tax purposes of identical shares of stock. Considering such evidence as well as all other evidence in this record, the fair market value of certain stock for estate tax purposes is determined.
1Opinion of the Court
OPINION.
Leecii, Judge:
The issue presented is the fair market value of 3,100 shares of class A capital stock of the Hobart Manufacturing Co. on October 1, 1940, for Federal estate tax purposes. The stock was reported for those purposes at a value of $35 per share. This value was increased by the respondent to $50. Since 1920 the shares of that corporation have been listed only on the Cincinnati Stock Exchange.
Petitioner relies heavily on the regulations promulgated by the Treasury as to the valuation of stocks and bonds listed on a stock exchange.1 Those regulations provide in substance that…
2Cited by8 opinions
- McNary v. CommissionerUnited States Tax Court · 1967
- White Farm Equipment Co. v. CommissionerUnited States Tax Court · 1973
- Damon v. CommissionerUnited States Tax Court · 1967
- Damon v. CommissionerUnited States Tax Court · 1967
- Estate of Leon N. F. Blanchard v. CommissionerUnited States Tax Court · 1949
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