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Gessell v. Commissioner of Internal Revenue

April 29, 1930

GESSELL ET AL.
v.
COMMISSIONER OF INTERNAL REVENUE



Petition for Review of Order of United States Board of Tax Appeals.

Author: Evans

Before EVANS, PAGE, and SPARKS, Circuit Judges.

EVANS, Circuit Judge.

Petitioners, the executors of the will of Marie H. Kelly, deceased, are here seeking to review an order of the Board of Tax Appeals which determined the federal inheritance tax on this estate. At the time of her death (November 28, 1923) deceased owned stock in four corporations; the number of shares, the value as found by the Commissioner, the value as found by the Board, and the value as claimed by petitioners are herewith set forth:

No. of Name of

shares Company Returned Commissioner Board

1001 Bradley $70,116.67 $80,133.33 $70,116,67

245 Tomahawk Land Co. 12,250.00 24,500.00 12,250.00

450 U.S. Lumber Co 4,500.00 4,951.85 4,951.85

125 Merrill Lbr. Co. 38,956.00 59,691.67 59,691.67

$125,822.67 $169,276.85 $147,010.19

The Board accepted the petitioner's valuation of the Bradley stock and the Tomahawk Land Company stock. It, however, sustained the Commissioner's finding as to the value of the stock of the U.S. Lumber Company and the Merrill Lumber Company.

The controversy between the parties is restricted to a very narrow issue, to wit, the effect of testimony offered by petitioners respecting the value of this stock.

Respondent argues that such testimony was mere opinion evidence which the Board was not required to accept, and that it was not sufficient to overcome the presumptions in favor of ...


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