McKinney Estate

THOMAS, P. J.,

The matter is before the court on appeal from an inheritance tax appraisal which placed a value of $78 per share on 18,870 shares of Pennsylvania Bank & Trust Company stock held in decedent’s estate. The executor of the estate had placed a value of $55 per share on said stock in the face of admitted transactions around the time of death approximating $78 per share. The executor’s posture is that the large number of shares held negated a normal market price approach and required the application of a “blockage theory.”

BACKGROUND

On the date of decedent’s death, September 26,1971,…