This case involves a deficiency in estate taxes determined in the amount of $510,104.25, subject to a reduction upon the submission of proper proof of the payment of state inheritance taxes. The deficiency results from several adjustments made by the respondent to the net estate as reported in the estate tax return filed by the executors and contained in the notice of deficiency.
The only adjustment which is here controverted by the petitioners is explained, as follows...
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