- 2 - held at her death.1 The parties disagree as to the highest and best use of DP on the valuation date and the method to value DP. We hold that the highest and best use for DP was a mixed use of recreation purposes and timber management. We further hold that the fair market value of DP on the valuation date was $4,829,252. FINDINGS OF FACT Some of the facts have been stipulated and are so found. The stipulation of facts is incorporated herein by this reference. 1 The estate filed a sec. 2032A protective election with its estate tax return. The estate has indicated its intent to perfect this protective election by filing an additional notice of election if we determine the value of DP to be greater than the amount it asserted at trial. Respondent has indicated his intent to deny any such attempt. This dispute raises the question of when the 60-day period begins to run for the estate to file a notice of election, and turns on the phrase “as finally determined” in sec. 20.2032A-8(b), Estate Tax Regs. Specifically, respondent argues that the value finally determined is his determination in the notice of deficiency, and the estate argues that it is this Court’s determination of the property’s value. This issue will be addressed only if the estate files an additional notice of election and respondent denies the estate’s filing. An appropriate order will be issued addressing these contingencies. Unless otherwise indicated, all section references are to the Internal Revenue Code in effect as of the date of decedent’s death, and all Rule references are to the Tax Court Rules of Practice and Procedure.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011