- 15 -
slightly from the amount discussed in petitioner's post-
trial briefs, $509,259.
In the subject notice of deficiency, among other
adjustments, respondent determined that the value of the
subject property on the date of the decedent's death was
$791,000. The notice includes the following explanation
of the adjustment:
The fair market value, at the date of
decedent's death, of the 56.5 acres located in
the northwest 1/4 of the south 1/22 of section
2, Township 28 South, Range 19 East, Tampa,
Hillsborough County, Florida, was $791,000.00
instead of $509,529.00 as reported on the estate
tax return. Accordingly, the reported value of
the taxable estate is increased $281,471.00.
OPINION
The sole issue for decision in this case is whether
the 56.5 acres owned by the decedent on the date of her
death was worth $791,000, as determined by respondent, or
$509,529, as reported on the estate tax return filed on
behalf of the decedent's estate. Petitioner bears the
burden of proving the fair market value of the 56.5 acres
owned by the decedent on the date of her death. Rule
142(a). All Rule references are to the Tax Court Rules of
Practice and Procedure.
The value of the subject property as determined by
respondent in the notice of deficiency, $791,000, is based
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NextLast modified: May 25, 2011