Estate of Hamlin ex rel. Lincoln Rochester Trust Co. v. Commissioner

OPINION.

LeMire, Judge:

The petitioner reported the instrument of July 5, 1933, in its return as a “note” having “no value.” The Commissioner determined that there was a commuted value at the time of the decedent’s death. While the parties have now agreed upon the question of value, they differ as to whether any value whatsoever is includible in the gross estate under section 811 (a).

The petitioner contends that the instrument is not a note, but merely a memorandum of a gift. We think it is unnecessary to determine the exact nature of the instrument. The question is whether at the time of his…