In Estate of Helen P. Richmond, the Tax Court determined the proper value for estate tax purposes of a minority interest in a family-owned corporation holding mostly appreciated securities. The court also sustained an accuracy-related penalty against the estate, finding that it used an unsigned draft report by a noncertified appraiser as the basis for the stock valuation reported on Form 706.
Ryan, Kerry A., Tax Court Sends Message on Valuation in Richmond (March 24, 2014). Tax Notes, Vol. 142, No. 12, March 24, 2014.