Estate of Charles K. McClatchy William K. Coblentz and James McClatchy Personal Representatives v. Commissioner of Internal Revenue

As the majority recognizes, the sole issue for consideration in this case is whether the Tax Court erred in holding that the securities law restrictions that attached to shares of stock owned by McClatchy during his lifetime did not affect the federal estate tax liability of McClatehy’s estate. Because I believe that the Tax Court’s decision was correct, I respectfully dissent from the majority’s opinion.

The federal estate tax is not assessed against the decedent, but against the decedent’s estate. See 26 U.S.C. § 2001(a) (“A tax is hereby imposed on the transfer of the taxable estate of…