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COOK v. COMMISSIONER OF I.R.S.

No. 02-61011.

349 F.3d 850 (2003)

Gladys J. COOK, Estate of Gladys J. Cook, Deceased, Verna Lee Steele, Executrix, Petitioner-Appellant, v. COMMISSIONER OF THE INTERNAL REVENUE SERVICE, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

November 13, 2003.

Attorney(s) appearing for the Case

John W. Porter (argued), Stephanie Loomis-Price, Baker Botts, Houston, TX, Robert Allen Helms, Edwin Walker Arenson, Arenson & Spears, Austin, TX, for Petitioner-Appellant.

Annette Marie Wietecha, Jonathan S. Cohen (argued), U.S. Dept. of Justice, Tax Div., Washington, DC, for Respondent-Appellee.

Before DAVIS, SMITH and DUHÉ, Circuit Judges.

DUHÉ, Circuit Judge:

Appellants ask this Court to reverse the Tax Court's conclusion that a non-transferrable lottery prize payable in seventeen annual installments is a private annuity that must be valued, for estate tax purposes, in accordance with 26 U.S.C. § 7520. Because we conclude that the prize is properly characterized a private annuity, and that non-marketability does not render the valuation of the prize under § 7520 and the regulations unreasonable...

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