Patton v. Tax Commission

On this appeal the executors of the will of Ludington Patton, deceased, challenge that part of an order *408determining the inheritance tax in the estate of the deceased which included 1,599 shares owned by Patton out of a total issue of 2,500 shares of the capital stock of the Lodgewood Company. That company was a close, personal holding corporation authorized to engage in the business of buying, selling, and holding securities, and operating a farm. Patton died at the age of sixty-two years on October 20, 1934. On that date the Lodgewood Company’s assets consisted of stocks, bonds, loans…