[Download] "Stanback v. Coble" by Court of Appeals of North Carolina No. 7619SC119 # eBook PDF Kindle ePub Free
eBook details
- Title: Stanback v. Coble
- Author : Court of Appeals of North Carolina No. 7619SC119
- Release Date : January 18, 1976
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 50 KB
Description
Defendant contends that G.S. 105-29(a) does not require North Carolina to strictly conform with federal estate tax valuations in view of the sentence in that statute stating: ""In either event the Secretary of Revenue shall proceed to determine, from such evidence as may be brought to his attention or which he shall otherwise acquire, the correct value of the said estate . . . ."" Defendant contends the two situations referred to in the sentence are a higher assessment of the estate's value by the federal government than the value reported for North Carolina inheritance tax purposes or a lower assessment by the federal government than that reported for inheritance tax purposes. In either event, defendant contends he has flexibility in determining the estate's value for inheritance tax pur-purposes. Defendant further contends that G.S. 105-144(a) provides that the basis of the bonds is their fair market value estate therefore acquired a gain in income through the ""disposition"" of the bonds at an amount in excess of their basis and such gain was properly treated as income to the estate of Fred J. Stanback, Sr. We disagree.