Estate of Juanita F. Sirmans, Deceased Dan L. Sirmans, Executor - Page 17

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             based, is not reliable because it fails to differentiate                 
             between so-called dry land and wetland.                                  
                  Section 2031(a) requires the "gross estate" of the                  
             decedent to be determined for Federal estate tax purposes,               
             "by including * * * the value at the time of his death of                
             all property, real or personal, tangible or intangible,                  
             wherever situated."  All section references are to the                   
             Internal Revenue Code as in effect for 1990.  The fair                   
             market value of property included in a decedent's gross                  
             estate is "the price at which the property would change                  
             hands between a willing buyer and a willing seller, neither              
             being under any compulsion to buy or to sell and both                    
             having reasonable knowledge of relevant facts."  Sec.                    
             20.2031-1(b), Estate Tax Regs.  This requires property to                
             be valued from the viewpoint of a hypothetical buyer and                 
             seller, each of whom would seek to maximize his or her                   
             profit from any transaction involving the property.  See                 
             Estate of Watts v. Commissioner, 823 F.2d 483, 486 (11th                 
             Cir. 1987), affg. T.C. Memo. 1985-595; Estate of Bright v.               
             United States, 658 F.2d 999, 1005-1006 (5th Cir. 1981).                  
             The value of property as of a particular date is a question              
             of fact.  E.g., Hamm v. Commissioner, 325 F.2d 934, 938                  
             (8th Cir. 1963), affg. T.C. Memo. 1961-347; Messing v.                   
             Commissioner, 48 T.C. 502, 512 (1967).  A sound valuation                

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