-20- Respondent then sought to amend respondent’s answer after the deadline for motions with respect to the pleadings to assert that the proper valuation date was the date of Frederic’s death, rather than the alternate valuation date. We denied respondent’s motion to amend his answer due to the substantial disadvantage and prejudice to petitioners if respondent amended his answer at such a late date. We accordingly shall not consider respondent’s renewed arguments that the stock should be valued on the date of Frederic’s death, rather than the alternate valuation date. B. Stock To Be Valued Respondent renews two arguments he made in his motion for partial summary judgment regarding the stock to be valued. He argues that we should value the pre-reorganization stock on the alternate valuation date, or, alternatively, that we should ignore the transfer restrictions and the purchase option in valuing the post-reorganization stock. Although these issues are now ripe for decision, we reject both respondent’s arguments. 1. General Rules on Valuation Date Section 2032 allows the executor of an estate to choose to value the estate’s property at a time after the date of death. Sec. 2032(a). If an executor chooses this option, property “distributed, sold, exchanged, or otherwise disposed of” within 6 months after the decedent’s death is valued as of the date of the distribution, sale, exchange, or other disposition. Sec.Page: Previous 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Next
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