- 19 - Machine Works and began to be used as a machine shop. For several years thereafter, the rental was $1,500 per month. At decedent’s death, the highest and best use of the Richard Property was for heavy industrial usage. 6. Other Properties The estate includes two real properties on Lafayette Street in Santa Clara, in addition to the Subject Properties. On the estate tax return, these additional properties are shown as having an aggregate date-of-death value of $230,000. In the notice of deficiency, respondent determined an aggregate value of $290,000. In the amended estate tax return, the aggregate value is again shown as $230,000. The parties have stipulated that the aggregate value of these additional properties is $220,000. 7. Valuation Conclusions Table 2 shows the positions of the parties, of their expert witnesses, and of the Court as to the fair market values of the subject properties on the date of decedent’s death.Page: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Next
Last modified: May 25, 2011