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THOMPSON v. C.I.R.

Docket Nos. 06-0815-ag (Lead), 06-1132-ag (XAP).

499 F.3d 129 (2007)

Estate of Josephine T. THOMPSON, Deceased, Carl T. Holst-Knudsen, & The Bank of NEW York, Executors, Petitioners-Appellants-Cross-Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee-Cross-Appellant.

United States Court of Appeals, Second Circuit.

Decided: August 23, 2007.

Attorney(s) appearing for the Case

Joshua M. Rubins (Robert H. Goldie and Kirk H. O'Ferrall, on the brief), Satterlee Stephens Burke & Burke LLP, New York, NY, for Appellants.

Richard Farber (Steven W. Parks, on the brief), for Eileen J. O'Connor, Assistant Attorney General, Tax Division, Department of Justice, Washington, D.C., for Appellee.

Before: JACOBS, Chief Judge, LEVAL and POOLER, Circuit Judges.

DENNIS JACOBS, Chief Judge:

For estate tax purposes, the United States Tax Court (Swift, J.) valued one-fifth of a closely held company at $13.5 million-an amount far above the $1.75 million valuation proffered by the estate of Josephine T. Thompson ("Estate") and far below the $32 million valuation proffered by the Commissioner of Internal Revenue ("Commissioner")—and declined to impose an underpayment penalty against the Estate, principally on the grounds...

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