Estate of Helen A. Deputy, Deceased, William J. Deputy, Co-Executor - Page 7

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          closely held corporation that corporation’s value as of                     
          decedent’s date of death is key to our holding on valuation.  The           
          parties also disagree as to the types and amounts of discounts to           
          be applied to the value found by the Court.3  The evidence                  
          consists of a stipulation of facts, along with attached exhibits,           
          and a transcript containing the testimony of one fact witness.              
          In addition, each of the parties has offered an expert’s opinion,           
          ostensibly to assist the Court in its consideration of the facts            
          and conclusion as to the fair market value of the controverted              
          interest.                                                                   
          A.  The Question of the Burden of Proof                                     
               In its posttrial brief the estate for the first time                   
          interposed section 74914 and argued that the burden of proof                
          should shift to respondent with respect to the remaining                    
          valuation question.  The following statement is at the heart of             
          the estate’s contention:                                                    
               It is respectfully submitted that the combined                         
               testimony of Mr. Deputy and Mr. Dorman[5] plus the                     
               Stipulation of Facts and the contents of the associated                
               exhibits is credible evidence within the meaning of                    

               3 The parties have agreed to discounts with respect to the             
          interest in the family limited partnership.                                 
               4 All section references are to the Internal Revenue Code in           
          effect as of the date of decedent’s death, and all Rule                     
          references are to the Tax Court Rules of Practice and Procedure,            
          unless otherwise indicated.                                                 
               5 Mr. Deputy is one of the estate’s coexecutors, and Mr.               
          Dorman is the estate’s expert witness.                                      





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