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as of my date of death.” In filing the return for John's estate
in her capacity as executrix thereof, decedent did not obtain an
independent appraisal of the Johnco stock passing through the
estate. According to petitioner, since the $86.80 per-share
value reported on the return was not the product of an
independent appraisal, the terms of John's will preclude its use
in determining the number of shares required to satisfy the
unified credit bequest to Andrew. Instead, petitioner contends,
the number of shares passing to Andrew must be determined on the
basis of the December 1992 appraisal performed by RPR of the
value of the Johnco shares as of John's date of death; namely,
$44.65 per share. This appraisal was independent, having been
commissioned by Northern Trust in its capacity as successor
independent administrator of John's estate in order to comply
with the terms of John's will in funding the unified credit
bequest to Andrew.
The upshot of petitioner's position is that John's estate
may report one value for the Johnco stock on the estate tax
return while another, lower value for the stock may be used for
purposes of funding a unified credit bequest made in John’s will.
For the reasons outlined below, we disagree and instead conclude
that the valuation used on John's estate's return must also be
used for purposes of funding the unified credit bequest.
Although the determination of the number of Johnco shares
that passed to Andrew pursuant to the unified credit bequest and
to decedent under the residuary clause of John's will turns upon
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