Estate of Claude C. Focardi, Deceased, Nina M. Focardi, Personal Representative - Page 24

                                        -24-                                          
          transfer tax purposes, and we give it no respect.  See                      
          Commissioner v. Procter, 142 F.2d 824 (4th Cir. 1944); Ward v.              
          Commissioner, 87 T.C. 78 (1986); Harwood v. Commissioner, 82 T.C.           
          239 (1984), affd. without published opinion 786 F.2d 1174 (9th              
          Cir. 1986).  See generally Rev. Rul. 65-144, 1965-1 C.B. 442.               
               We hold for respondent.  We have considered all arguments by           
          petitioners for a contrary holding and find those arguments not             
          discussed herein to be without merit.  To reflect the                       
          arbitrator’s valuation of the Great Bay stock,                              

                                                  Decisions will be entered           
                                             under Rule 155.                          

Page:  Previous  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24