BURDICK v. COMMISSIONER OF INTERNAL REVENUE

No. 5566.

76 F.2d 672 (1935)

BURDICK v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

March 21, 1935.


Attorney(s) appearing for the Case

W. A. Seifert and William Wallace Booth, both of Pittsburgh, Pa. (Smith, Shaw, McClay & Seifert, of Pittsburgh, Pa., of counsel), for petitioners.

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and L. W. Post, Sp. Assts. to Atty. Gen., for respondent.

Before BUFFINGTON, WOOLLEY, and THOMPSON, Circuit Judges.


WOOLLEY, Circuit Judge.

On May 12, 1925, Joel W. Burdick, a resident of Pittsburgh, Pennsylvania, died. By his will he bequeathed in trust the most of his personal property, the income to be paid to his sister and wife for their lives with remainder over as to principal. Among the assets of the trust estate were 1,350 shares of stock of West Penn Steel Company valued for estate-tax purposes at $425 per share. This substantial valuation was based in part on the company...

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