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On November 7, 1988, the executor timely filed Form 706,
United States Estate (and Generation-Skipping Transfer) Tax
Return (estate tax return), on behalf of decedent's estate
(estate). The executor reported in the return that the fair
market value of decedent's interest in Marrero Land on the
valuation date was $4,312,018.
Respondent issued a notice of deficiency (notice) to the
estate and the executor. Respondent determined in the notice
that the fair market value of decedent's interest in Marrero Land
on the valuation date was $13,100,000.
The executor timely filed Form 843, Claim for Refund and
Request for Abatement (refund claim), on behalf of the estate.
The executor reported in the refund claim that the fair market
value of decedent's interest in Marrero Land on the valuation
date was $2,400,000, and not the value reported in the estate tax
return, and that consequently the estate was entitled to a refund
of Federal estate tax.
OPINION
The estate modified the position that it took in the refund
claim as to the fair market value of decedent's interest in
Marrero Land on the valuation date. The estate now claims that
the fair market value of that interest on that date is between
$3,486,167 and $3,933,412. In the alternative, the estate
contends that the maximum fair market value of decedent's in-
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