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Introduction
Decedent died on October 22, 1989. Among the assets
includable in decedent’s gross estate are: (1) 702,000 shares of
common stock in Xilinx, Inc. (the corporation), and (2) an option
to acquire from the corporation an additional 13,333 of its
common shares (hereafter, both (1) such already owned shares and
(2) such option shares being referred to, without distinction, as
either “the shares” or “the shares of the corporation”).2
1(...continued)
shall set forth any objections, together with the
reasons therefor, to any proposed findings of any other
party, showing the numbers of the statements to which
the objections are directed; in addition, the party may
set forth alternative proposed findings of fact.
Petitioner has filed an answering brief, but petitioner has
failed therein to set forth objections to the proposed findings
of fact made by respondent. Petitioner has simply set forth
therein the proposed findings made in its opening brief and again
asked the Court to make those findings. Accordingly, we must
conclude that petitioner has conceded respondent's proposed
findings of fact as correct except to the extent that
petitioner's proposed findings are clearly inconsistent
therewith. See Fein v. Commissioner, T.C. Memo. 1994-370; Estate
of Stimson v. Commissioner, T.C. Memo. 1992-242; Cunningham v.
Commissioner, T.C. Memo. 1989-260.
2 In the stipulation of facts and in their briefs, the parties
have generally referred to the 702,000 shares of common stock and
the 13,333 option shares as the “shares” of the corporation.
Each party has argued for a particular value to be applied to
each of the shares; i.e., the same value to be applied both to
each of the shares already acquired by decedent and to each of
the option shares. Indeed, in the estate tax return, petitioner
states a “unit value” for each of the option shares ($1.05) that
is the same as the per-share value of each of the acquired
shares. The parties, however, have entered into a subsequent
stipulation that the value of the option shares is equal to the
value of the shares of common stock, reduced by 35 cents, which
(continued...)
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