Critchfield v. Commissioner
United States Tax Court
1. Held, under section 811(j), 1939 Code, the value at which shares of stock must be included in gross estate is their fair market value at the optional valuation date, rather than a lesser value based upon the amount per share for which decedent's widow was allowed to purchase the shares by a Probate Court in Ohio upon her election to purchase such property under section 10509-89, Ohio General Code. 2. Held, a marital deduction is not allowable under section 812(e) for an…
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1. Held, under section 811(j), 1939 Code, the value at which shares of stock must be included in gross estate is their fair market value at the optional valuation date, rather than a lesser value based upon the amount per share for which decedent's widow was allowed to purchase the shares by a Probate Court in Ohio upon her election to purchase such property under section 10509-89, Ohio General Code. 2. Held, a marital deduction is not allowable under section 812(e) for an alleged interest in property, represented by the difference between the probate appraisers' valuation of shares of stock…
1Opinion of the Court
OPINION".
HaRROn, Judge:
The first question is whether, under section 811 (j)1 the value at which the 184 shares of stock of the Shelby Company shall be included in the decedent’s gross estate is their fair market value, $65 per share, on November 8, 1951, when the shares were sold to the widow, or $58 per share, the price approved by the Probate Court under the widow’s election to purchase the shares from the estate.
Petitioner contends that he was required by order of the Probate Court to sell the stock at the appraised value of $58 per share and that, therefore, the clause in section 811 (j),…
2Cases cited9 opinions
- Helvering v. WinmillSupreme Court of the United States · 1938
- Hoffman v. CommissionerUnited States Tax Court · 1943
- Estate of Arthur Sweet, Deceased. Tracy-Collins Trust Company, Administrator v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1956
- Giannini v. CommissionerCourt of Appeals for the Ninth Circuit · 1945
- Estate of Rainger v. CommissionerUnited States Tax Court · 1949
4 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Estate of Caswell v. CommissionerUnited States Tax Court · 1974
- Estate of Friedberg v. CommissionerUnited States Tax Court · 1992
- Joan Bain Nicodemus v. Lillian Wall BainCourt of Appeals for the D.C. Circuit · 1965
- Critchfield v. CommissionerUnited States Tax Court · 1959
- Estate of Caswell v. CommissionerUnited States Tax Court · 1974
1 more not listed; retrieve them via the Exa API.