Estate of Ernest R. Anderson, Deceased. Lawrence E. Anderson and Richard C. Anderson, Co-Administrators v. Commissioner of Internal Revenue

Sixth Circuit

Estate of Ernest R. Anderson, Deceased. Lawrence E. Anderson and Richard C. Anderson, Co-Administrators v. Commissioner of Internal Revenue

619 F.2d 587, 45 A.F.T.R.2d (RIA) 1791, 1980 U.S. App. LEXIS 18614

CourtCourt of Appeals for the Sixth Circuit

DecidedApril 15, 1980

Docket78-1212

StatusPublished

This text of 619 F.2d 587 (Estate of Ernest R. Anderson, Deceased. Lawrence E. Anderson and Richard C. Anderson, Co-Administrators v. Commissioner of Internal Revenue) is published on Counsel Stack Legal Research, covering Court of Appeals for the Sixth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Estate of Ernest R. Anderson, Deceased. Lawrence E. Anderson and Richard C. Anderson, Co-Administrators v. Commissioner of Internal Revenue, 619 F.2d 587, 45 A.F.T.R.2d (RIA) 1791, 1980 U.S. App. LEXIS 18614 (6th Cir. 1980).

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Opinion

ORDER

Taxpayers appeal a decision of the United States Tax Court entered on January 17, 1978, upholding the Commissioner’s assessment of a deficiency of $35,483.17 in federal estate tax against the estate of the decedent Ernest R. Anderson. The Commissioner claimed certain stock of the Anderson Music Company should be included in the gross estate of the decedent at its value at the time of Anderson’s death; appellants assert the stock was more properly valued at $650 per share, the sum established in a purchase agreement dated January 29, 1965, between the trustee of a revocable trust, which the decedent established on December 1, 1964, and the two sons of the decedent and an employee of Anderson Music Company.

After a rehearing, the Tax Court, in an opinion by Judge Theodore Tannenwald, Jr., dated July 26, 1977, P-H Memo TC, 177-237, held the evidence established that the revocation of the inter vivos trust terminated the February 1, 1965 buy/sell, agreement. Therefore, the agreement was not in effect at the decedent’s death and the stock was properly valued at its fair market value on the date of the decedent’s death.

Upon a careful review, the court is not persuaded that any Michigan law which the appellants cite compels a different result. Accordingly, for the reasons set forth by the Tax Court in its second opinion, filed July 26, 1977,

IT IS ORDERED that the decision of the Tax Court be and it is hereby affirmed.

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ORDER

Taxpayers appeal a decision of the United States Tax Court entered on January 17, 1978, upholding the Commissioner’s assessment of a deficiency of $35,483.17 in federal estate tax against the estate of the decedent Ernest R. Anderson. The Commissioner claimed certain stock of the Anderson Music Company should be included in the gross estate of the decedent at its value at the time of Anderson’s death; appellants assert the stock was more properly valued at $650 per share, the sum established in a purchase agreement dated January 29, 1965, between the trustee of a revocable trust, which the decedent established on December 1, 1964, and the two sons of the decedent and an employee of Anderson Music Company.

After a rehearing, the Tax Court, in an opinion by Judge Theodore Tannenwald, Jr., dated July 26, 1977, P-H Memo TC, 177-237, held the evidence established that the revocation of the inter vivos trust terminated the February 1, 1965 buy/sell, agreement. Therefore, the agreement was not in effect at the decedent’s death and the stock was properly valued at its fair market value on the date of the decedent’s death.

Upon a careful review, the court is not persuaded that any Michigan law which the appellants cite compels a different result. Accordingly, for the reasons set forth by the Tax Court in its second opinion, filed July 26, 1977,

IT IS ORDERED that the decision of the Tax Court be and it is hereby affirmed.

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Bluebook (online)

619 F.2d 587, 45 A.F.T.R.2d (RIA) 1791, 1980 U.S. App. LEXIS 18614, Counsel Stack Legal Research, https://law.counselstack.com/opinion/estate-of-ernest-r-anderson-deceased-lawrence-e-anderson-and-richard-c-ca6-1980.