Estate of Prell v. Commissioner
United States Tax Court
1. Held, where executors segregate assets from an estate and transfer the same to themselves, absent showing of any claims or likelihood of claims against the estate, existence of State law prohibiting such transfer does not prevent transfer from constituting a distribution under sec. 2032, I.R.C. 1954, and sec. 20.2032-1(a) and (c), Estate Tax Regs.
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1. Held, where executors segregate assets from an estate and transfer the same to themselves, absent showing of any claims or likelihood of claims against the estate, existence of State law prohibiting such transfer does not prevent transfer from constituting a distribution under sec. 2032, I.R.C. 1954, and sec. 20.2032-1(a) and (c), Estate Tax Regs. Valuation date determined. 2. Held, further, where evidence fails to show probability of depressed market on sale of block of stock on valuation date, "blockage" adjustment not allowed. 3. Held, further, amount transferred by decedent prior to…
1Opinion of the Court
Estate of Charles M. Prell, Sr., Deceased, Charles M. Prell, Jr., and Helen M. Prell, Co-Executors, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Prell v. Commissioner
Docket No. 2577-64
United States Tax Court
48 T.C. 67; 1967 U.S. Tax Ct. LEXIS 114;
April 26, 1967, Filed
Decision will be entered under Rule 50.
1. Held, where executors segregate assets from an estate and transfer the same to themselves, absent showing of any claims or likelihood of claims against the estate, existence of State law prohibiting such transfer does not prevent transfer from constituting a…
2Cases cited9 opinions
- McKitterick v. CommissionerUnited States Board of Tax Appeals · 1940
- Commissioner of Internal Revenue v. Cardeza's EstateCourt of Appeals for the Third Circuit · 1949
- Cardeza v. CommissionerUnited States Tax Court · 1945
- Kier v. CommissionerUnited States Board of Tax Appeals · 1933
- Hertsche v. United StatesDistrict Court, D. Oregon · 1965
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