Estate of Klosterman v. Commissioner
United States Tax Court
At the time of his death, D owned farmland in Idaho. The farmland is situated in two irrigation districts, which are political subdivisions of the State of Idaho. The parties agree that the farmland is to be valued pursuant to sec. 2032A(e)(7)(A), I.R.C.
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At the time of his death, D owned farmland in Idaho. The farmland is situated in two irrigation districts, which are political subdivisions of the State of Idaho. The parties agree that the farmland is to be valued pursuant to sec. 2032A(e)(7)(A), I.R.C. Pursuant to sec. 2032A(e)(7)(A), the value of farmland is established by computing the "average annual gross cash rental" for comparable farmland in the area for the 5-year period preceding the decedent's death, subtracting from such average rentals the average State and local real estate taxes for the same period, and dividing the result by…
1Opinion of the Court
Estate of Walter F. Klosterman, Deceased, Kent Klosterman and Alan Klosterman, Personal Representatives, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Klosterman v. Commissioner
Docket No. 27652-89
United States Tax Court
99 T.C. 313; 1992 U.S. Tax Ct. LEXIS 71; 99 T.C. No. 16;
September 10, 1992, Filed
Decision will be entered under Rule 155.
At the time of his death, D owned farmland in Idaho. The farmland is situated in two irrigation districts, which are political subdivisions of the State of Idaho. The parties agree that the farmland is to be valued pursuant to sec.…
2Cases cited4 opinions
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Noon v. Gem Irr. Dist.District Court, D. Idaho · 1913
- Noble v. CommissionerUnited States Tax Court · 1978
- Estate of Klosterman v. CommissionerUnited States Tax Court · 1992