Estate of Branson v. Commissioner
United States Tax Court
P reported the date-of-death fair market values of the stock of S and W as $ 181.50 and $ 485, respectively, per share. P sold some of the S stock for $ 335 per share and all the W stock for $ 850 per share. The gain realized on the sales by P was distributed to the residuary legatee, M, who reported the gain on her Federal income tax return and paid the income tax due. R determined a deficiency in P's estate tax liability.
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P reported the date-of-death fair market values of the stock of S and W as $ 181.50 and $ 485, respectively, per share. P sold some of the S stock for $ 335 per share and all the W stock for $ 850 per share. The gain realized on the sales by P was distributed to the residuary legatee, M, who reported the gain on her Federal income tax return and paid the income tax due. R determined a deficiency in P's estate tax liability. R's determination was based on his assertion that at the date of death the fair market values of the S and W shares were $ 300 and $ 850, respectively, per share. In…
1Opinion of the Court
OPINION
PARR, Judge:
In Estate of Branson v. Commissioner, T.C. Memo. 1999-231 (Branson I), we redetermined the increased value of the shares of Savings Bank of Mendocino County (Savings) and Bank of Willits (Willits) included in decedent’s gross estate. We now consider whether this Court has authority to apply equitable recoupment in light of the opinion of the Court of Appeals for the Sixth Circuit in Estate of Mueller v. Commissioner, 153 F.3d 302 (6th Cir. 1998), affg. on other grounds 107 T.C. 189 (1996), and if so, whether petitioner is entitled under that doctrine to credit for the taxes…
2Cases cited35 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Freytag v. CommissionerSupreme Court of the United States · 1991
- Bull v. United StatesSupreme Court of the United States · 1935
- United States v. DalmSupreme Court of the United States · 1990
- Crooks v. HarrelsonSupreme Court of the United States · 1930
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