ESTATE OF LEE v. COMMISSIONER

Docket No. 8782-75.

69 T.C. 860 (1978)

ESTATE OF ELIZABETH M. LEE, DECEASED, RHOADY R. LEE, SR., EXECUTOR, AND RHOADY R. LEE, SR., INDIVIDUALLY, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed March 2, 1978.


Attorney(s) appearing for the Case

Wayne C. Booth, for the petitioners.

Darrell D. Hallett, for the respondent.


DAWSON, Judge:

Respondent determined deficiencies in the Federal estate and gift taxes of the Estate of Elizabeth M. Lee in the amounts $1,924,902.71 and $87,075 respectively. Concessions were made by the parties. The two issues that remain for our decision relate to the estate tax deficiency. They are:

(1) What was the fair market value on September 14, 1971, of decedent's interest in the 4,000 shares of common stock and the 50,000 shares of preferred...

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