Flournoy v. Wade

Opinion

BROWN (G. A.), J.

The sole issue is whether the amount of federal gift tax paid upon the transfer of property in contemplation of death when said property subsequently becomes subject to federal and state inheritance taxes is deductible from the appraised value of the property to determine the “clear market value” upon which the state inheritance tax is determined under circumstances where the amount of the federal gift tax paid is credited against the amount of the federal estate tax.

The facts are stipulated (see Appendix A). The question is one of law,

*330Shortly before his death, Antonio…