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OPINION
I. Introduction
We must determine the fair market value of the shares of the
corporation on October 22, 1989, the date of decedent’s death.
The shares were included by petitioner in the gross estate and
reported on the estate tax return at a value of $1.05 per share.
In determining a deficiency in estate tax, respondent valued the
shares at $4.94. Respondent now argues that the value of the
shares is no less than $4.20 per share. We interpret
respondent’s change in position as a concession of a portion of
the deficiency, and we accept that concession. Petitioner now
argues that the value of the shares is $1.02 per share. A
decision for petitioner on that basis would necessarily mean that
petitioner had overpaid the estate tax. Petitioner failed to
raise the issue of an overpayment in the petition. Because we
find no overpayment, we need not deal with the consequences of
that failure.
II. Law
Section 2001(a) imposes a tax on “the transfer of the
taxable estate of every decedent who is a citizen or resident of
the United States.” Section 2031(a) provides: “The value of the
gross estate of the decedent shall be determined by including to
the extent provided for in this part, the value at the time of
his death of all property, real or personal, tangible or
intangible, wherever situated.”
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