Estate of H. Floyd Sherrod, H. Floyd Sherrod, Jr. And Estalee Sherrod Sandlin, Co-Executors v. Commissioner of Internal Revenue

MOYE, Chief District Judge:

The government appeals from a decision of the tax court, 82 T.C. 523, holding that certain property of the estate of H. Floyd Sherrod (the estate) qualified for special use valuation for federal estate tax purposes under 26 U.S.C. § 2032A of the Internal Revenue Code of 1954. We reverse.

I

Tax Court Proceedings

The relevant facts, as reflected in the tax court’s findings, the parties’ stipulations, and the evidence adduced at trial, are as follows:

H. Floyd Sherrod (the decedent) died on December 1, 1977, at the age of 87. Included in his estate were 1,478 acres of land…