Court Opinion

ID: 9643407
Source: CourtListenerOpinion
Date Created: 2023-08-22 20:28:11.026247+00
Date Added: 2024-06-11T12:25:29.682201
License: Public Domain

*720STEPHENS, Circuit Judge
(concurring).
I concur but I wish to have a word. In oral argument eminent counsel pressed for reversal upon the premise that the Tax Court, although it received other evidence of value, determined value of the stock conveyed solely upon its average ’change price for the day it was conveyed. If the premise were sound, Y should seriously ponder the argument. That is, if the Tax Court had taken the regulation referring to ’change price of stock as the exclusive competent evidence of value, I should think it error. The fact that the regulation has survived the vicissitudes of numerous congressional acts would not convince me that it had attained the “force and effect of law” for the simple reason that Congress itself is without sanction to enact such a law. I do not think Congress or any administrative body can legally provide for the taking of property as taxes upon the ad valorem basis upon its value ascertained solely from what traders on a stock exchange saw fit to pay for it on a certain day. However, the record shows the premise to be wholly wrong.