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On February 24, 1992, petitioner's Federal estate tax return
was filed. On the return, petitioner valued the gross estate at
$17,181,224.41. The estate consisted of the following assets:
Assets Value at Date of Death
Real estate $215,000.00
Stocks and bonds 16,257,550.34
Mortgages, notes, and cash 244,550.28
Other miscellaneous property 119,930.14
Transfers during decedent's life 344,193.65
$17,181,224.41
On the return, petitioner claimed deductions from the gross
estate of $368,100 for attorney's fees and $1,104,300 (3 x
$368,100) for executor's commissions.
On January 25, 1993, and May 11, 1993, Mr. Oddleifson filed
affidavits in support of the requested attorney's fees with the
Monroe County Surrogate's Court. Both affidavits provided in
pertinent part:
The terms of the retainer agreement are to provide
all required legal services for the estate at a fee to
be determined in line with the local custom and
practice of the Monroe County community and subject to
the approval of the Monroe County Surrogate.
The amount requested for compensation for legal
services rendered to the Estate is $368,100 based upon
an estate valued at $17,181,000. This amount includes
all services rendered and to be rendered up to and
including the settlement of the decree and
distribution.
The May 11, 1993, affidavit stated that HBW had performed
approximately 229 hours of work on behalf of the estate through
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