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UNITED STATES v. LAND

Nos. 18958 and 18959.

303 F.2d 170 (1962)

UNITED STATES of America, Appellant, v. Charles M. LAND, as Successor Executor of the Last Will and Testament of John Robert Land, Deceased, Appellee. UNITED STATES of America, Appellant, v. Charles M. LAND, Ernest H. Land and Margaret L. Haney, as Executors of the Last Will and Testament of Robert Land, Deceased, Appellees.

United States Court of Appeals Fifth Circuit.

May 16, 1962.

Attorney(s) appearing for the Case

Ralph Kennamer, U. S. Atty., Mobile, Ala., Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Harvey G. Schneider, Attys., Dept. of Justice, Washington, D. C., Vernol R. Jansen, U. S. Atty., Mobile, Ala., Meyer Rothwacks, Atty., Dept. of Justice, Washington, D. C., Alfred P. Holmes, Jr., Asst. U. S. Atty., for appellant.

John E. Adams, Grove Hill, Ala., for appellee.

Adams, Gillmore & Adams, Grove Hill, Ala., of counsel.

Before RIVES and WISDOM, Circuit Judges, and CARSWELL, District Judge.

WISDOM, Circuit Judge.

These cases pose a problem in the valuation, for federal estate tax purposes, of a partnership interest subject to a restrictive agreement limiting the sales price of the interest to two-thirds of its value in the event of its sale during the partner's lifetime. The district court agreed with the taxpayers that the restriction limited the valuation to two-thirds of the property's calculated net value. We reverse. A restriction on the value of...

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