Laird v. Commissioner of Internal Revenue

THOMPSON, Circuit Judge.

This is a petition for review of an order of redetermination of the Board of Tax Appeals. The petitioners are executors of the estate of William Winder Laird, who, at the time of his death, owned 1,000 shares of the common stock of the Christiana Securities Company and 250 shares of the capital stock of the Delaware Realty & Investment Company. Neither the Christiana nor the Delaware stock were listed on the stock exchange. For the purpose of computing federal estate tax, the petitioners valued the Christiana stock at $800 and the Delaware stock at $781 per share. The…