"It would be inconsistent to hold * * * shares to have had one value for estate tax purposes and another for income tax purposes. There is a presumption that the estate tax value of an asset is correct and applies also to determine income tax basis."
How later courts described this case
- "It would be inconsistent to hold * * * shares to have had one value for estate tax purposes and another for income tax purposes. There is a presumption that the estate tax value of an asset is correct and applies also to determine income tax basis."
- noting Commissioner's inconsistent treatment of shares at issue
Written by the judges who cited it.
The opinion
Halpern, J., dissenting: I join in section 7, Overpayment Status, of Judge Beghe’s separate opinion and dissent for the reasons stated therein.