Weil v. Commissioner
United States Tax Court
Where, under the terms of agreements among the members of a partnership, the decedent was prohibited from disposing of his partnership interest during his lifetime and the surviving partners were authorized and obligated to purchase decedent's interest at a determinable price based on book value at his death, the amount payable under those agreements is the proper valuation of decedent's partnership interest for estate tax purposes.
1Opinion of the Court
OPINION.
Arundell, Judge:
Respondent determined a deficiency of $68,-556.19 in the estate tax of the decedent, Lionel Weil. The sole question to be decided is whether the value of decedent’s interest in a partnership for the purpose of computing the gross estate is limited to the amount prescribed by certain agreements previously entered into by decedent and his partners.
All of the facts were stipulated and they are so found and incorporated herein by this reference.
Lionel Weil, hereinafter referred to as decedent, a citizen of the United States and a resident of Goldsboro, North Carolina, died…
2Cases cited13 opinions
- Lucas v. North Texas Lumber Co.Supreme Court of the United States · 1930
- Wilson v. BowersCourt of Appeals for the Second Circuit · 1932
- Lomb v. SugdenCourt of Appeals for the Second Circuit · 1936
- Exum v. LynchSupreme Court of North Carolina · 1924
- Estate of Salt v. CommissionerUnited States Tax Court · 1951
8 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Estate of Hall v. CommissionerUnited States Tax Court · 1989
- Estate of Reynolds v. CommissionerUnited States Tax Court · 1970
- Estate of Bischoff v. CommissionerUnited States Tax Court · 1977
- Estate of Littick v. CommissionerUnited States Tax Court · 1958
- Fiorito v. CommissionerUnited States Tax Court · 1959
19 more not listed; retrieve them via the Exa API.