Estate of Prell v. Commissioner
United States Tax Court
1. Held, where executors segregate assets from an estate and transfer the same to themselves, absent showing of any claims or likelihood of claims against the estate, existence of State law prohibiting such transfer does not prevent transfer from constituting a distribution under sec. 2032, I.R.C. 1954, and sec. 20.2032-1(a) and (c), Estate Tax Regs.
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1. Held, where executors segregate assets from an estate and transfer the same to themselves, absent showing of any claims or likelihood of claims against the estate, existence of State law prohibiting such transfer does not prevent transfer from constituting a distribution under sec. 2032, I.R.C. 1954, and sec. 20.2032-1(a) and (c), Estate Tax Regs. Valuation date determined. 2. Held, further, where evidence fails to show probability of depressed market on sale of block of stock on valuation date, "blockage" adjustment not allowed. 3. Held, further, amount transferred by decedent prior to…
1Opinion of the Court
Withet, Judge:
An estate tax deficiency has been determined by respondent against petitioner in the amount of $220,932.93. The issues to be decided are (1) what is the correct valuation date for certain shares of stock which were assets of decedent’s estate, (2) what was the fair market value thereof on one valuation date, (3) whether decedent transferred $8,240 to his son and daughter prior to his death, and (4) what is the proper attorney’s fee allowance to petitioner as an administration expense. Another issue raised by the pleadings, the amount of the marital deduction, is necessarily…
2Cases cited8 opinions
- McKitterick v. CommissionerUnited States Board of Tax Appeals · 1940
- Commissioner of Internal Revenue v. Cardeza's EstateCourt of Appeals for the Third Circuit · 1949
- Cardeza v. CommissionerUnited States Tax Court · 1945
- Kier v. CommissionerUnited States Board of Tax Appeals · 1933
- Hertsche v. United StatesDistrict Court, D. Oregon · 1965
3 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Porter v. CommissionerUnited States Tax Court · 1967
- Stoutz v. United StatesDistrict Court, E.D. Louisiana · 1970
- Land v. United StatesDistrict Court, W.D. Louisiana · 1977
- ESTATE OFCourt of Appeals for the Eighth Circuit · 1986
- Estate of Sawade v. CommissionerCourt of Appeals for the Eighth Circuit · 1986
3 more not listed; retrieve them via the Exa API.