SNYDER'S ESTATE v. UNITED STATES

No. 8199.

285 F.2d 857 (1961)

ESTATE of J. Luther SNYDER, George C. Snyder and American Trust Company, Executors, Appellants, v. UNITED STATES of America, Appellee.

United States Court of Appeals Fourth Circuit.

Decided January 5, 1961.


Attorney(s) appearing for the Case

Ernest S. Delaney, Jr., Charlotte, N. C. (Bell, Bradley, Gebhardt, Delaney & Millette, Charlotte, N. C., on the brief), for appellants.

Michael I. Smith, Atty., Dept. of Justice, Washington, D. C. (Howard A. Heffron, Acting Asst. Atty. Gen., Lee A. Jackson and Melva M. Graney, Attys., Dept. of Justice, Washington, D. C., and James M. Baley, Jr., U. S. Atty., Asheville, N. C., on the brief), for appellee.

Before SOPER, HAYNSWORTH and BOREMAN, Circuit Judges.


HAYNSWORTH, Circuit Judge.

The problem is one of valuation, for gift tax purposes, of a minority block of corporate stock without the aid of relevant sales.

Though the corporation had a substantial history of consistently declining sales and earnings, the Commissioner valued the stock at ten times average annual earnings over a five-year period immediately preceding the date of the transfer. In this action for a refund...

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