refusing to bind taxpayer beneficiaries of estate to an estate valuation of stock because both taxpayers were minors without knowledge of what was reported on their father's estate tax return
How later courts described this case
- refusing to bind taxpayer beneficiaries of estate to an estate valuation of stock because both taxpayers were minors without knowledge of what was reported on their father's estate tax return
- refusing to require heirs to use as the basis in inherited stock the valuation selected by the executor where the heirs were minors who resided in Brazil and had no relevant knowledge
- assets valued twice, once for estate tax purposes and once for income tax purposes at the time of subsequent sale, resulting in higher estate tax assessment under first valuation and higher income tax assessment under second valuation
- observing that doctrine not flexible, but rather strictly limited in scope
Written by the judges who cited it.
The opinion
JONES, Chief Judge
(concurring in
part and dissenting in part).
I agree that plaintiffs are entitled to recover, but since the estate, of which the plaintiffs were the sole beneficiaries, received the benefit of the lower estate taxes, the defendant should in simple justice be allowed to recoup and offset against any recovery the amount by which the estate benefited taxwise by the earlier valuation of the estate below its actual value.
The correction is being made at the instance of plaintiffs. It seems fair that *24 as a condition to the change in valuation, they should be willing to surrender the advantage which had come to them by' reason of the undervaluation they are seeking to change.