United States v. McGuire

FORMAN, District Judge.

On December 10, 1930, James J. McGuire died leaving a last will and testament which was duly admitted to probate nominating Albert J. McGuire, Mary J. McGuire and Mary E. McGuire as executor and executrices thereof. On December 10, 1931, the executors filed an estate tax return showing a net taxable estate of $307,038.92 and a tax liability of $5,-074.32. In the return the executors placed a valuation of $450,000 on the testator’s land and buildings located at 857 and 859 Broad Street, Newark, N. J., and -a valuation of $115,000 on his land and building located on Hill…