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ESTATE OF MILBURN v. COMMISSIONER

Docket No. 7570.

6 T.C. 1119 (1946)

ESTATE OF DEVEREUX MILBURN, DECEASED, J. P. MORGAN & CO., INCORPORATED, EXECUTOR, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated May 23, 1946.

Attorney(s) appearing for the Case

William H. Hayes, Esq., and Leslie D. Dawson, Esq., for the petitioner.

Ellyne E. Strickland, Esq., for the respondent.

This proceeding is for the redetermination of a deficiency in estate tax in the amount of $19,805.71. The questions in issue are:

(1) Whether the estate is entitled to a deduction from the gross estate of the value of 250 shares of stock of J. P. Morgan & Co., Inc., which it is claimed were purchased out of a legacy of $50,000 received from the estate of a decedent who died within five years from the date of death of the present decedent.

(2) Whether the...

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