Estate of Chenoweth v. Commissioner
United States Tax Court
D died owning all the outstanding stock of company C. For Federal estate tax purposes, D's estate reported the entire stock interest in the gross estate at a value which R has accepted.
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D died owning all the outstanding stock of company C. For Federal estate tax purposes, D's estate reported the entire stock interest in the gross estate at a value which R has accepted. D's will left 51 percent of the C stock, a controlling interest, to his surviving widow in a bequest which qualifies for the marital deduction under sec. 2056, I.R.C. 1954. D's estate now claims that the controlling share of C stock passing to the widow is entitled to additional value for marital deduction purposes because of the control element, above a purely mathematical 51 percent of the value of all the C…
1Opinion of the Court
OPINION
KÓRNER, Judge:
Respondent determined a deficiency of Federal estate tax against petitioner in the amount of $232,227.50. The sole issue between the parties is whether, in computing the marital deduction to which it is entitled under the provisions of section 2056,1 petitioner may value certain stock passing to decedent’s surviving spouse by taking into account an alleged additional element of value because of the control which such block of stock has over the company involved.
After the case was at issue, respondent filed a motion for summary judgment, which petitioner opposed, and,…
2Cases cited18 opinions
- Adickes v. S. H. Kress & Co.Supreme Court of the United States · 1970
- United States v. Diebold, Inc.Supreme Court of the United States · 1962
- Annette Heyman v. Commerce and Industry Insurance CompanyCourt of Appeals for the Second Circuit · 1975
- New York Trust Co. v. EisnerSupreme Court of the United States · 1921
- Edwards v. SlocumSupreme Court of the United States · 1924
13 more not listed; retrieve them via the Exa API.
3Cited by28 opinions
- Shepherd v. CommissionerUnited States Tax Court · 2000
- Estate of Fred O. Godley, Deceased Fred D. Godley, Administrator Cta v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 2002
- Estate of Trenchard v. CommissionerUnited States Tax Court · 1995
- Philip Morris, Inc. v. CommissionerUnited States Tax Court · 1991
- Johnston v. Comm'rUnited States Tax Court · 2002
23 more not listed; retrieve them via the Exa API.