Kingery v. Department of Revenue

Defendant appeals from a decree of the Oregon Tax Court which reversed an order of the Department of Revenue relating to the fair market value for inheritance tax purposes of 4,058 shares in Chinook Investment Company (hereinafter Chinook), a closely held family investment corporation. 6 OTR 202 (1975). As stated by the Tax Court, the issue is how these shares should be valued for inheritance tax purposes.

Chinook was organized and incorporated in 1911. It has always been operated as an investment type company and at the time of decedent’s death, on July 10, 1972, improved real property…