Estate of Rebecca A. Wineman - Page 53




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          had made a default election to value its property under section             
          2032A(e)(8).                                                                
               In Estate of Strickland, we did not need to decide the                 
          meaning of section 20.2032A-4(b)(2)(i), Estate Tax Regs., because           
          following the regulation would have led to the same result.  That           
          was because, under the facts present in Estate of Strickland, “a            
          valuation pursuant to section 2032A(e)(8) will equal the fair               
          market value of the property on the date of decedent’s death.”              
          Estate of Strickland v. Commissioner, supra at 33.                          
               Section 2032A provides the Secretary with the authority to             
          determine by regulation how section 2032A elections are to be               
          made.  See sec. 2032A(d)(1); Estate of Gunland v. Commissioner,             
          88 T.C. 1453, 1455 (1987).  By regulation, the Secretary has                
          determined that an executor elects the application of section               
          2032A(e)(8) whenever an executor, having elected special use                
          valuation, fails properly to document comparable property under             
          the rules of section 2032A(e)(7).  See sec. 20.2032A-4(b)(2)(i),            
          Estate Tax Regs.  Respondent has not supplied a cogent reason why           
          we should disregard the plain meaning of section 20.2032A-                  
          4(b)(2), Estate Tax Regs.  We conclude that the apparent                    
          inconsistency between the statute and the regulation noted in               
          Estate of Strickland evaporates when considered in light of the             
          Secretary’s legislatively conferred authority to determine the              
          manner in which section 2032A elections are to be made.                     





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