-35-
Petitioner asserted in his petition that he was not a transferee
of the estate of decedent. Petitioners did not brief this issue.
We treat this as a concession by petitioners. Rothstein v.
Commissioner, 90 T.C. 488, 497 (1988); Reaves v. Commissioner, 31
T.C. 690, 722 (1958), affd. 295 F.2d 336 (5th Cir. 1961). Thus,
we hold that petitioner is liable as a transferee for decedent's
gift tax relating to decedent's 1980 and 1983 gifts to him.
D. The Value of Decedent's One-half Interest in the Clay
County Property in Her Estate
The gross estate of a decedent includes the value at the
death of the decedent of his or her interest in all property,
real or personal, tangible or intangible, wherever situated.
Sec. 2031(a). If the interest of the decedent is an undivided
minority interest in real property including timber, the amount
included in the estate is the fair market value of the undivided
interest. See Porter v. Commissioner, 49 T.C. 207, 221 (1967);
Estate of May v. Commissioner, 8 T.C. 1099, 1104 (1947); Estate
of Campanari v. Commissioner, 5 T.C. at 492.
Respondent contends that decedent's interest in the estate
property was worth $758,934 ($900 per acre) when she died.
Petitioners contend that decedent's interest in the estate
property was worth $510,000 ($604.80 per acre) when she died.
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