Case: T. F. Cross, Executor, Estate of Mollie Rice Cross, Petitioner, v. Commissioner of Internal Revenue, Respondent
Abbreviation: Cross v. Commissioner
Decision Date: 1926-11-26
Docket Number: Docket No. 4266
Citation: 5 B.T.A. 621
Volume: 5
Reporter: Reports of the United States Board of Tax Appeals
Court: United States Board of Tax Appeals
Jurisdiction: United States
Parties: T. F. Cross, Executor, Estate of Mollie Rice Cross, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Pages: 621–623

Head Matter:
T. F. Cross, Executor, Estate of Mollie Rice Cross, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 4266.
Decided November 26, 1926.
Palmer Danaher, Esq., for the petitioner.
J. Arthur Adams, Esq., for the respondent.

Opinion:
OPINION.
Milliken:
We are asked to decide as a fact that the notes, in the face amount of $29,000, of C. R. Cross, son of the decedent, were worthless and of no value as of the date of death of the decedent, and accordingly that no value may be ascribed to them for the purpose of determining the value of the gross estate for Federal estate-tax purposes. No testimony was offered by either the petitioner or the Commissioner, and the only evidence submitted was a certified copy of the decree of the Chancery Court of Desha County, Arkansas, by the petitioner, and the Federal estate-tax return, by the Commissioner. We are without information as to the facts upon which the court decree was based. Perchance, it may have been based upon the fact that a partial or complete settlement had been made on the notes in question, or the heirs at law may have entered into a composition agreement, or events may have transpired between the date of death of the decedent and the date of the decree that vitally affected the value of the notes — but as to all these matters we can only surmise. The decree standing alone does not supply us with evidence upon which the determination of the Commissioner may be set aside.
It should also be observed that one of the notes of C. R. Cross, in the amount of $8,933.33, had that value for Federal estate-tax purposes, and about this there is no disagreement between the parties.
Judgment will be entered for the Commissioner.