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THIRD NAT. BANK v. OLSEN

637 S.W.2d 453 (1982)

THIRD NATIONAL BANK, Executor of the Estate of Newman Cheek, Deceased, Plaintiff-Appellee, v. Martha B. OLSEN, Commissioner of Revenue, Defendant-Appellant.

Supreme Court of Tennessee, at Nashville.

August 9, 1982.

Attorney(s) appearing for the Case

Charles L. Lewis, Asst. Atty. Gen., Nashville (William M. Leech, Jr., Atty. Gen., Nashville, of counsel), for defendant-appellant.

Lowe Watkins, Fitzgerald Parker, C. Hayes Cooney, Nashville, for plaintiff-appellee.

OPINION

HARBISON, Chief Justice.

This case involves the valuation of certain United States treasury bonds, popularly known as "Flower Bonds," for purposes of the Tennessee Inheritance Tax, T.C.A. § 30-1601 to 1641.

Decedent died on February 3, 1979. A few weeks prior to his death he had purchased the bonds in question which had a face or par value of $2,500,000. The bonds were redeemable and were in fact redeemed at par or face value for purposes...

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