- 53 - 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.Page: Previous 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 Next
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