National Bank of Detroit v. Department of Treasury

The question presented in this appeal is whether United States. Treasury bonds, which were redeemed at par (face) value in payment of Federal estate taxes, should be valued for Michigan inheritance tax purposes at par value or the value computed from prices quoted in the bond market as of the date of decedent’s death. Certain issues of treasury bonds (denoted "flower bonds”) are redeemable at their par value to the extent that the monies are used to pay Federal estate taxes. Predictably, bonds which are thus redeemed at par are appraised at par when computing the value of the Federal gross *546est…