In Re Estate of Vance

Is it a breach of trust for executors of an estate to appeal an Internal Revenue Service agent’s determination of the value of certain estate stock being purchased by the coexecutor, pursuant to an option contained in the will, if the net effect of a successful appeal to the tax court would be to (1) reduce the cost of the stock to the coexecutor purchaser and thereby (2) reduce the net amount for distribution to the heirs? The trial court ruled that it was not, under the terms of the will and the facts of this case. We agree.

The facts necessary to an understanding of the appeal are as…