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ESTATE OF KERR v. COMMISSIONER

Docket No. 47803.

14 T.C.M. 178 (1955)

T.C. Memo. 1955-52

Estate of India Bailey Kerr, John A. Kerr and Nancy Kerr Johnson, Independent Executors v. Commissioner.

United States Tax Court.

Filed March 9, 1955.

Attorney(s) appearing for the Case

R. B. Cannon, Esq., 525 Fort Worth National Bank Building, Fort Worth, Tex., for the petitioner. Paul M. Newton, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

JOHNSON, Judge:

The Commissioner determined a deficiency in the estate tax of petitioner in the sum of $23,447.28.

The two issues here presented for our decision are:

(1) Was the fair market value of 3,515.56 acres of land in Gonzales County, Texas, belonging to decedent's estate and known as the "Bailey Farm", on October 25, 1949, $45 per acre, as determined...

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