1930 BTA LEXIS 2075 | B.T.A. | 1930
Lead Opinion
At the time of his death, the decedent owned 262 shares of stock in a close corporation which he controlled. The stock was not listed on any stock exchange and there was no general market for it in which willing sellers and willing buyers might trade freely. The last sale of this stock prior to the decedent’s death was to a member of his family in 1921, and the first sale after his death was in 1927 to another member of his family. The
In determining the.net estate of the decedent, the petitioners claim the deduction of $4,000 as an allowance for a year’s support of dependents. In so far as material hereto, section 303 (a) (1) of the Bevenue Act of 1924 provides that in determining the net estate of a decedent there shall be deducted from the gross estate:
* * * Such amounts reasonably required and actually expended for the support during the settlement of the estate of those dependent upon the decedent, as are allowed by the laws of the jurisdiction * * * under which the estate is being administered. (Italics supplied.)
The estate in the instant proceeding is being administered under the laws of the State of Georgia. The Georgia Civil Code of 1910, section 4041, authorizes the allowance of a year’s support out of the estate of a decedent to his widow and dependents. Section 4045 of that code is as follows:
A testator may, by his will, make provision in lieu of this support for twelve months; in which case the widow may elect, under the same rules as regulated her election of dower.
Section 5249 (2) provides that dower may be barred by a provision made by deed or will, expressly in lieu of dower, and accepted by the wife after the husband’s death.
Judgment will be entered for the respondent.