Options and Valuation of Property for Federal Tax Purposes

In Estate of John Q. Strange, there was an agreement between two brothers, engaged in business in a close corporation, which provided that upon the death of either, the survivor might acquire the stock of the other upon payment of $10,000 to his estate. Payment was so made following the decedent\u27s death. The fair market value of the stock on the date of death was stipulated to be$238,126.54. The Board of Tax Appeals held that the option price of $10,000 was the proper amount to be included in the decedent\u27s gross estate as the value of his stock. In Lomb v. Sugden, the decedent owned at death a number of shares of stock which she bequeathed to her husband as part of her residuary estate. About a year prior to death she had entered into an agreement with the other stockholders of the company that none would sell his stock without first offering it to the other stockholders, who were to have the right to purchase in proportion to their then respective common stockholdings at approximately$69 per share. The controversy involved the question whether the Commissioner might value the stock at its fair market value of $100. It was held that because of the agreement the decedent could not have secured a greater price than$69 at the time of her death and, therefore, the value for estate tax purposes could not exceed that sum. One further case may be noted. In Commissioner v. Bensel, a father and son had become estranged. The father, a majority stockholder, arid the son, an employee of a corporation, entered into a contract in which the son agreed to continue to work for the company in return for an option to purchase his father\u27s stock at the latter\u27s death at a price which turned out to be considerably less than the value of the stock at the later date. The option price was held to fix the value for estate tax purposes

Wills, Estates and Trusts -- 1954 Tennessee Survey

Freedom of Testation: Other than the statutory forced share of a spouse\u27 testators have almost unlimited freedom in the disposition of their property. A devise or bequest will be held invalid only when it runs counter to some well established rule of public policy. Thus gifts in violation of the rule against perpetuities, against accumulations or against restraints on alienations are void. Further, the courts will strike down capricious or whimsical bequests, as well as those which are conditioned upon the performance of illegal or tortious acts. But in absence of any violation of public policy a testator is free to do what he will with his property

Framing Moral Evaluations: Moral Foundations in U.S. Newspaper Coverage of Mosque Controversies

In recent years, attempts by Muslims all across the U.S. to build worship spaces have been met with opposition. Some opponents questioned whether Islam should be considered a religion afforded all the protections of the First Amendment, or whether it is a sinister ideology that posed a threat to American values and should therefore be opposed. Supporters, on the other hand, argued that protecting the rights of Muslims to worship freely is a validation of important American principles. This debate played out in news coverage of the issue. This dissertation examines the discourse in the debate through a framing analysis of news articles and editorials (n=349) from five U.S. newspapers between 2010 and 2013. Framing is the selection and emphasis of certain problem definitions, causal attributions, moral evaluations, and treatment recommendations in discussion of an issue. This research makes a contribution to framing theory by using Moral Foundations Theory to improve the operationalization of the moral evaluation dimension of framing. A cluster analysis of moral foundations was conducted, which four moral foundation profiles, all of which were strongly rooted in socially binding moral foundations. Those moral foundation variables were subsequently incorporated into a full framing analysis. A cluster analysis of all the framing components revealed five frames: Local Regulation, Political Debate, Muslim Neighbors, Islamic Threat, and Legal Authority. A subsequent qualitative analysis validated that these five frames encompassed the bulk of the debate.https://cedar.wwu.edu/cedarbooks/1002/thumbnail.jp

Cash and Accrual Methods of Income Tax Accounting

It is the purpose of this article to introduce the two methods of income\u27tax accounting to the general practitioner who is not a specialist in the field and to the student who is attempting to learn the subject of income taxation. The article simply seeks to express in a clear and orderly fashion the developed law on the topic

Wills, Estates and Trusts

Formalities. The statutory formalities required for the execution of wills are too frequently brushed aside as trivia. The lawyer, supervising the ceremony of execution, and the testator, as the chief actor, may have feelings of embarrassed self-consciousness in complying with the required minutiae. But the importance of staging a routine ceremony, however silly it may seem at the moment, cannot be overestimated. Law students ought to be told and practitioners reminded to adopt the practice, once the testator and witnesses are assembled, of closing the door, drawing the shades, cutting off the telephone and advising all present that no one may leave the room for the next five minutes. Then explain that they are about to participate in a brief one-act play and that each is to observe what the others do. The testator should sign the document. Then ask him, What is this document? Make him answer, My will. Next question: Is that your signature? Wait for his answer. Do you wish these persons to act as witnesses? And so forth. The lawyer who always follows this routine may so testify years later, when he has forgotten all about the execution of the particular will in question.\u2

Wills, Trusts and Estates (herein of Future Interests) -- 1955 Tennessee Survey

Execution of Wills: Under the Tennessee Code a will valid at the place of execution is valid under the laws of Tennessee. A testator domiciled in Tennessee executed a will in Mississippi in the presence of two witnesses, but thinking that the will should be acknowledged by a notary public rather than subscribed by the witnesses, he had the acknowledgment taken by a Mississippi notary public. As the Mississippi statute is peculiar in that it merely requires that the Will shall be attested by two or more credible witnesses rather than the usual shall be both attested and subscribed the court held that the will was properly admitted to probate in Tennessee since the less rigid Mississippi requirements had been fulfilled. Deeds as Wills: It is well settled that an instrument in the form of a deed may be admitted to probate as the will of the grantor if it was signed and properly attested and subscribed by at least two witnesses, and if the grantor intended it to become operative only upon his death. Thus a deed granting Blackacre to A from and after my death may be admitted to probate. In Howell v. Davis H and W were tenants by the entirety of certain real property. W executed a warranty deed to her husband expressly reserving a life estate. The deed specified said conveyance to take effect at the death of W. The deed was accepted and recorded. Subsequently, H died and W thereafter attempted to convey the land, again reserving a life estate. This latter conveyance was held a nullity as she had in fact no transferable interest beyond her life estate

When Developing a Course Goal Becomes Developing Shared Norms

Having just arrived in Washington from my longtime Michigan home a few days before, the Backwards by Design retreat was the first formal activity of a new adventure on the faculty at Western Washington University. It was a great opportunity to get to know other faculty across departments. But, even more importantly, it was an open environment dedicated to fostering the creation student-centered learning environments. I learned many things — including a much more enthusiastic approach to using sticky notes to storyboard activities. I hope I was able to contribute as well