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ESTATE OF McDERMOTT v. COMMISSIONER

Docket No. 31207.

12 T.C.M. 481 (1953)

Estate of James D. McDermott, Deceased, John Lawrence McDermott and Maude E. McDermott, Co-Executors v. Commissioner.

United States Tax Court.

Entered April 30, 1953.

Attorney(s) appearing for the Case

Allin H. Pierce, Esq., for the petitioner. Julian L. Berman, Esq., and John E. Owens, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

JOHNSON, Judge:

Respondent determined a deficiency in petitioner's estate tax of $86,228.80. Petitioner claims an overpayment.

The issues for our decision are:

1. What was the fair market value, on the optional valuation date of April 22, 1948, of property belonging to petitioner as follows: (a) 1,273 shares of stock of the Olympic Commissary Company; (b) certain improved real estate which was decedent...

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