Estate of Cyril I. Magnin, Deceased, Donald Isaac Magnin, Executor - Page 30

                                       - 30 -                                         
          the stock".  Estate of Andrews v. Commissioner, 79 T.C. 938, 956            
          (1982).                                                                     
               Petitioner must prove that respondent's determination of               
          value set forth in her notice of deficiency is incorrect.  Rule             
          142(a); Welch v. Helvering, 290 U.S. 111, 115 (1933); Estate of             
          Gilford v. Commissioner, 88 T.C. 38, 51 (1987).  Respondent bears           
          the burden of proving the increases in the deficiency asserted in           
          her amended answer.  Rule 142(a); Estate of Bowers v.                       
          Commissioner, 94 T.C. 582, 595 (1990).  Valuation is a question             
          of fact, and the trier of fact must weigh all relevant evidence             
          to draw the appropriate inferences.  Hamm v. Commissioner, 325              
          F.2d 934, 938 (8th Cir. 1963), affg. T.C. Memo. 1961-347; Estate            
          of Newhouse v. Commissioner, supra at 217.                                  
               After considering the reports and testimony of both experts            
          and all the other evidence in the record, we think that neither             
          party has shown that the value of the interest received by Cyril            
          should be greater or less than the $43,878 determined by                    
          respondent in her notice of deficiency.  Accordingly, we hold               
          that petitioner is entitled to reduce the includable value of the           
          trusts by $43,878 pursuant to section 2043(a).                              
               The final issue for decision concerns the fair market value            
          of a retail shoe store located in Louisville, Kentucky, as of               
          December 8, 1988, the alternate valuation date.  Petitioner                 
          valued the property at $150,980 on its estate tax return.  In the           
          notice of deficiency, respondent valued the property at                     




Page:  Previous  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30  31  32  Next

Last modified: May 25, 2011