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value of the 1-ct. pinkie ring. In other words, we find that the
fair market value of the decedent’s three- to four-ct. diamond
ring was $15,750 as of the applicable valuation date ($4,500 +
($4,500 x 2.5) = $15,750).
iii. Ruby Ring
As discussed above, the May 4, 1988, receipt from Lloyds
shows that the decedent purchased a ruby ring as one of 26 items
purchased for a bulk price of $235,000. We find that the
decedent retained ownership of this ruby ring at his death. On
the basis of our finding supra p. 68 that $6,665 of that price
was attributable to the ruby ring, we find that the fair market
value of that ring was $6,665 as of the applicable valuation
date.
iv. Sapphire Ring
As discussed above, the May 4, 1988, receipt from Lloyds
shows that the decedent purchased a sapphire ring as one of 26
items purchased for a bulk price of $235,000. We find that the
decedent retained ownership of this ring at his death. On the
basis of our finding supra p. 68 that $6,665 of that price was
attributable to the sapphire ring, we find that the fair market
value of that ring was $6,665 as of the applicable valuation
date.
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