United States Eleventh Circuit

In estate tax case involving the proper valuation for estate tax purposes of a stock interest owned by the decedent in a closely-held, investment holding company, the tax court's computation the net asset value of the holding company, to determine the value of the decedent's interest for estate tax purposes, is vacated and remanded to apply the methodology set forth in Estate of Dunn v. Comm'r, 301 F.3d 339 (5th Cir. 2002), to recalculate the net asset value of the holding company on the date of decedent's death, and his interest therein, using a dollar-for-dollar reduction of the entire amount in built-in capital gains tax liability, under the assumption that the holding company is liquidated on the date of death and all assets sold.

Appellate Information

• Decided 11/15/2007
• Published 11/15/2007

Judges

• HILL, Circuit Judge:, Before TJOFLAT, CARNES and HILL, Circuit Judges.

Court

• United States Eleventh Circuit

Counsel

• For Appellant:
  
• John W. Porter, Stephanie Loomis-Price, Baker Botts, L.L.P., Houston, TX, J. Graham Kenney, Vinson & Elkins, LLP, Austin, TX, for Petitioners-Appellants., Michelle B. Smalling, Jonathan S. Cohen, U.S. Dept. of Justice, Tax Div., Washington, DC, for CIR.