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Petitioner contends that the Johnco share value on John's
date of death as postulated in the John Appraisal performed by
RPR in December 1992--namely, $44.65 per share--must be used for
purposes of determining the number of shares received by Andrew
pursuant to the unified credit bequest. Petitioner thus
calculates that 2,380 shares of Johnco stock were required to
fund a unified credit bequest of $106,25111 (2,380 shares x
$44.65 = $106,26712), leaving 80,485 shares in John's residuary
estate inherited by decedent.13 In petitioner's view, the
$86.80 per-share value reported on John's estate's return as the
value of the Johnco shares on John's date of death should not be
used for purposes of determining the number of shares passing to
Andrew pursuant to the unified credit bequest because the terms
of John's will required that the bequest be funded with Johnco
shares "as such shares * * * are valued by independent appraisal
11 Although the returns for both John's and decedent's
estates used the assumption that Andrew's unified credit bequest
was equal to $140,150, petitioner contends that this amount was
subsequently recomputed to be $106,251. Since the lower figure
is adverse to petitioner's interests (because it has the effect
of increasing the number of shares that passed to decedent's
estate pursuant to the residuary clause of John's will), we
accept it as established.
12 There is a $16 discrepancy in petitioner's computations,
but we consider it immaterial.
13 The position taken by petitioner on the return for
decedent's estate--that there were 79,730 (rather than 80,485)
Johnco shares includable in the estate--was also premised on the
$44.65 per-share appraised value of the Johnco shares. The
difference results from the downward revision in the calculation
of Andrew's unified credit bequest as equal to $106,251 rather
than the original $140,150 assumed when the return was filed.
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