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administrative expenses that it expects to incur in further
defending its position.
OPINION
Respondent determined a deficiency of $756,564 in
petitioner's 1991 Federal estate tax. Respondent's determination
was based upon his contention that the date-of-death fair market
values of the 12,889 Savings shares and the 500 Willits shares
were $3,866,700 ($300 per share) and $425,000 ($850 per share),
respectively. Respondent now argues that the values of the
Savings and Willits shares were no less than $3,776,477 ($293 per
share) and $386,000 ($774 per share), respectively. Respondent's
determination as to the fair market value of the subject property
is presumptively correct, and petitioner bears the burden of
proving that the fair market value is lower. See Rule 142(a);
Welch v. Helvering, 290 U.S. 111, 115 (1933).
Petitioner asserts that the values it reported on its return
for the Savings shares, $2,339,354 ($181.50 per share), and the
Willits shares, $242,500 ($485 per share), are correct; however,
it argues that if this Court decides that there is a deficiency,
it is entitled to equitable recoupment of the tax paid on the
gain recognized by March due to the lower bases provided by the
values petitioner reported on its estate tax return.
Finally, petitioner asserts that it is entitled to deduct
certain expenses from the value of the gross estate. The
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