Estate of Smith v. Commissioner

Full Text of Court Cases
November 5, 1999
6021 National Commercial Banks
522110 Commercial Banking
estate and gift taxation
net asset value, restricted stock study, discount for lack of marketability (DLOM), fair market value (FMV), real estate investment trusts (REIT), guideline companies

Estate of Smith v. Commissioner
T.C. Memo 1999-368
Federal Court
United States Tax Court
Richard D. Hitt, Jr., Peat Marwick and Thomas A. Egan, Jr (for petitioner) Travis Keath (for respondent)


At issue is the value of Smith's shares of stock in two companies, Jones Farm Inc., and First National Bank of Waverly, as of her death.

See Also

Court Accepts Taxpayer's 76% Discount on Farm Corporation

The estate in this case held minority interests in two companies: Jones Farm Inc. (JFI) (33% ownership of common stock) and in the First National Bank of Waverly (FNBW) (12% of common stock).