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ESTATE OF ROWE v. COMMISSIONER

Docket No. 25531.

12 T.C.M. 709 (1953)

Estate of Louis H. Rowe, Deceased, H. Lewis Brown, Edward C. Rowe and W. Lee White, Executors v. Commissioner.

United States Tax Court.

Entered June 22, 1953.

Attorney(s) appearing for the Case

Thomas A. Bolan, Esq., and H. Lewis Brown, Esq., for the petitioners. Joseph F. Rogers, Esq., for the respondent.

Supplemental Memorandum Opinion

VAN FOSSAN, Judge:

The fair market value of the property known as the "Home Place" is presently stipulated by the parties to be $15,000 unencumbered in 1944.

The newly stipulated fact that in 1944 the value of the "Home Place" unencumbered was $15,000 requires a further analysis to be made of the petitioners' claim for a bad debt deduction in 1944 of $27,004.57. At the time of liquidation, Rowe's Ranch, Inc. owned...

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