Tuttle v. Higgins (In re Matthews' Will)
| Decision Date | 03 May 1921 |
| Parties | IN RE MATTHEWS' WILL. TUTTLE v. HIGGINS. |
| Court | Wisconsin Supreme Court |
OPINION TEXT STARTS HERE
Appeal from Milwaukee County Court; John C. Karel, Judge.
In the matter of the estate of Amanda J. Matthews, deceased; Daniel Higgins, executor.
By final decree entered April 13, 1920, the county court awarded the attorneys for the executor compensation in the sum of $3,500, and awarded the executor fees and compensation amounting to $2,408.19. From the decree, Arthur W. Tuttle, one of the legatees, appeals. Affirmed.Arnold C. Otto, of Milwaukee, for appellant.
Churchill, Bennett & Churchill, of Milwaukee, for respondent.
The petition for the proof of the will of the deceased was filed May 29, 1917, and the will was admitted to probate August 7, 1917. An inventory was made, and on September 26, 1917, an appraisal was returned and filed. The estate consisted principally of 600 shares of stock in the Matthews Building Company, which were appraised at $350 per share. There were sales of some of the stock. On April 22, 1918, one share sold for $300. April 9 there was a sale of one share for $325. October 1, 1918, proceedings were had which authorized a sale of 97 shares at $175 per share. An interlocutory account was filed December 12, 1918, and approved by the court February 8, 1919. On January 2, 1919, there was a petition filed for reappraisal of the stock of the Matthews Building Company. The reappraisal proceeding was participated in by the state and federal officials for the purpose of fixing the amount upon which the inheritance and state taxes should be computed. Upon the hearing the county court determined that the appraisal of 600 shares of the capital stock of the Matthews Building Company was correct “and shall stand, in so far as it affects the general appraisement and administration purposes of said estate, at the sum of $350 per share,” and “further ordered and adjudged that the shares of stock bequeathed to Percy B. Wright, Frank Abbott, and Eleanor Klumb be, and the same are, hereby appraised at the sum of $175 per share for inheritance tax purposes,” and fixed the value of the 100 shares disposed of at the amount realized on the sale, to wit, $17,880. The executor's fees were computed upon the value of the estate as determined by the original appraisal, as approved by this order, in accordance with section 3929. The contention of the appellant here is that the county court was in error in affirming the appraisal, and that the value of the stock, as determined by the trial court for the purpose of computing the inheritance tax, should control. The method by which the county court arrived at the conclusion that the stock was worth $350 per share for general appraisement and administration purposes, and $175 per share for inheritance tax purposes, is not disclosed. Under the inheritance tax law the inheritance tax is to be computed upon the value of the estate as of the date of the death of the deceased. Estate of Week, 169 Wis. 316, 172 N. W. 732. The value of the assets coming into the hands of the executor is also to be appraised as of that date. If the order of the county court had merely found that the stock was worth $175 for inheritance tax purposes, without affirming the appraisal for general appraisement and administration purposes, a different problem would be presented. The evidence produced is ample to sustain the finding that the stock was worth, on the...
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McArthur v. State (In re Ryerson's Estate)
...the terms “fair market value”, “cash value” and “clear market value” are for all practicable purposes identical. Will of Matthews, 1921, 174 Wis. 220, 182 N.W. 744. [3] Questions such as are raised in this case with respect to the assessment and levying of taxes are of increasing importance......
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Patton v. Wis. Tax Comm'n (In re Patton's Will)
...value”; and that section 72.15(5), Stats., states that the property shall be appraised as its “clear market value.” In Will of Matthews, 174 Wis. 220, 182 N.W. 744, the court held that, “Under St.1919, § 1087-13, requiring property to be appraised at its fair market value for inheritance ta......
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Teasdale's Estate, In re
...allowance of attorneys' fees pending statements for services rendered. In so doing the court called attention to In re Will of Matthews, 1921, 174 Wis. 220, 224, 182 N.W. 744, in which we said that an allowance of $3,500 appeared to be the maximum allowance permissible to attorneys in the p......
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Tidball v. Miller
...sections numbered as above are identical and mean the sum for which the property could be exchanged under fair conditions. Tuttle v. Higgins, 174 Wis. 220, 182 NW 744; 51 AmJur, Taxation, § 701. The price at which property can be sold in the ordinary course of business is the equivalent of ......