Gwinn v. Commissioner
United States Tax Court
At the date of his death, January 15, 1951, D. Byrd Gwinn owned 360 shares of the common stock of Gwinn Bros. & Co. He also owned life insurance policy No. 235883 issued by the New England Life Insurance Co. in the face amount of $ 10,000. His wife, Caroline A. Gwinn, was designated primary beneficiary of the policy.
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At the date of his death, January 15, 1951, D. Byrd Gwinn owned 360 shares of the common stock of Gwinn Bros. & Co. He also owned life insurance policy No. 235883 issued by the New England Life Insurance Co. in the face amount of $ 10,000. His wife, Caroline A. Gwinn, was designated primary beneficiary of the policy. On January 15, 1951, this policy, along with other life insurance policies of decedent, was pledged with a bank as collateral security for an indebtedness of decedent to the bank in the amount of $ 20,000. After decedent's death his administrator paid the indebtedness out of the…
1Opinion of the Court
OPINION.
Bruce, Judge:
Issue 1.
The first question presented is the value of the 360 shares of the common stock of Gwinn Bros. & Co. owned by D. Byrd Gwinn at the date of his death, January 15,1951. In the estate tax return filed for the estate this stock was valued at $40 per share. The Commissioner increased the value to $195 per share. We have carefully considered all of the relevant facts and circumstances presented by the evidence herein and have found as a fact that the fair market value of the stock in question as of the basic date was $60 per share. This finding is dispositive of this…
2Cases cited25 opinions
- In Re MessingerCourt of Appeals for the Second Circuit · 1928
- Phalen v. VirginiaSupreme Court of the United States · 1850
- Commissioner of Internal Revenue v. ProcterCourt of Appeals for the Fourth Circuit · 1944
- Chatham Phenix National Bank v. CrosneyNew York Court of Appeals · 1929
- In Re Gallagher's WillNew Mexico Supreme Court · 1953
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3Cited by2 opinions
- Stapf v. United StatesDistrict Court, N.D. Texas · 1960
- Gwinn v. CommissionerUnited States Tax Court · 1955