Blossom v. Commissioner
United States Board of Tax Appeals
1. In 1938 the class A stock of the Nestle Le Mur Co. was listed on the Cleveland Stock Exchange and on the New York Curb Exchange. During the year a total of 8,417 shares of that stock were sold on the two exchanges, the difference in volume between the sales on the two exchanges being less than 800 shares. On the date of the decedent's death there were no sales of the stock, but there were bid and asked prices on both exchanges.
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1. In 1938 the class A stock of the Nestle Le Mur Co. was listed on the Cleveland Stock Exchange and on the New York Curb Exchange. During the year a total of 8,417 shares of that stock were sold on the two exchanges, the difference in volume between the sales on the two exchanges being less than 800 shares. On the date of the decedent's death there were no sales of the stock, but there were bid and asked prices on both exchanges. Held, the fair market value of the stock on the basic date was the mean between the highest bid and the lowest asked prices on the two exchanges. 2. In order to…
1Opinion of the Court
OPINION.
Turner :
The respondent determined a deficiency in estate tax in the amount of $107,088.05. The issues are (1) whether the respondent erred in determining the fair market value of certain shares of stock in the Nestle Le Mur Co. at the time of the decedent’s death; (2) whether there should be deducted from the gross estate certain expenses incurred in the administration and distribution of the estate; and (3) whether there should be deducted from the gross estate certain bequests to charitable, educational, and religious institutions.
The case was submitted upon a written stipulation of…
2Cases cited1 opinion
- Blair v. CommissionerSupreme Court of the United States · 1937
3Cited by8 opinions
- Long v. CommissionerUnited States Tax Court · 1978
- Bray v. CommissionerUnited States Tax Court · 1966
- Commerce Trust Co. v. United StatesDistrict Court, W.D. Missouri · 1969
- Estate of Harvey v. United StatesDistrict Court, E.D. Louisiana · 1988
- Kreher v. United StatesDistrict Court, M.D. Florida · 1970
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