Estate of Lynn M. Rodgers, deceased, First National Bank of Commerce, Executor - Page 13




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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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