106 T.C. No. 9
UNITED STATES TAX COURT
ESTATE OF CHARLES K. MCCLATCHY, DECEASED, WILLIAM K. COBLENTZ
AND JAMES MCCLATCHY, PERSONAL REPRESENTATIVE, Petitioner
v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 21876-93. Filed April 3, 1996.
Decedent owned shares of stock that before his
death were subject to certain securities law
restrictions adversely affecting the value of the
shares. The restrictions were not applicable to the
shares in the hands of decedent's personal
representatives, so that the per share value
automatically increased from $12.3375 to $15.56 at
decedent's death. Held: the per share value for
Federal estate tax purposes is $15.56, since that was
the value at the "moment" of decedent's death.
Ahmanson Foundation v. United States, 674 F.2d 761 (9th
Cir. 1981), applied; United States v. Land, 303 F.2d
170 (5th Cir. 1962), followed; sec. 2033, I.R.C., which
mandates the inclusion in a decedent's gross estate of
the value of all property to the extent of his/her
interest therein at the time of death, does not require
a different result; Estate of Harper v. Commissioner,
11 T.C. 717 (1948), explained.
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