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IN RE McCORNACK ESTATE

Docket No. 29984.

78 Mich. App. 135 (1977)

259 N.W.2d 396

In re McCORNACK ESTATE. NATIONAL BANK OF DETROIT v. DEPARTMENT OF TREASURY.

Michigan Court of Appeals.

Decided September 7, 1977.

Attorney(s) appearing for the Case

Beaumont, Smith & Harris (by James E. Beall), for petitioners.

Frank J. Kelley, Attorney General, Robert A. Derengoski, Solicitor General, and Richard R. Roesch and Terry P. Gomoll, Assistants Attorney General, for respondent, Department of Treasury.

Before: D.E. HOLBROOK, JR., P.J., and ALLEN and D.R. FREEMAN, JJ.

ALLEN, J.

Should United States Treasury bonds which were redeemed at par value by an executor in payment of Federal estate taxes be appraised for Michigan inheritance tax purposes at par value or at the lower discounted price quoted in over-the-counter bond markets on or near the date of decedent's death? This question has never been addressed in Michigan. Other jurisdictions are almost evenly divided in their answer...

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