Estate Gordon P. Street v. State Board Book Reviews

Estate Gordon P. Street v. State Board by Western Section, at Nashville Court of Appeals of Tennessee Book Summary

This appeal involves the date of death valuation of certain restricted stock owned by the decedent Gordon P. Street. The Estate
of Mr. Street challenged the Assessment Appeals Commission valuation of decedent's stock in the Chancery Court for Davidson
County. The Chancellor upheld the Commission's findings except for the dollar valuation which he found to be arbitrary and
not substantiated by sufficient evidence. The case was remanded to the Commission for further proceedings on the sole issue
of actual dollar value of decedent's stock. On Mr. Street's death he owned 62.8 percent of the issued and outstanding shares of North American Royalties, Inc. ("NAR").
The minority shares of NAR's common stock, equivalent to 37.2 percent, are publicly traded on the American and Pacific Stock
Exchanges. The Tennessee Department of Revenue ("Department") valued Mr. Street's stock at $13.50 per share for inheritance
tax purposes. The Department's valuation included a control premium of 50 percent over market price of the NAR publicly traded
stock. The Department felt the control premium would reflect the influential factor that a controlling majority shareholder
would have on NAR.

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Estate Gordon P. Street v. State Board (Western Section, at Nashville Court of Appeals of Tennessee) Book Reviews 2024

Western Section, at Nashville Court of Appeals of Tennessee - Estate Gordon P. Street v. State Board Discussions & Comments

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