Estate Settles $1.5 Million Oil Stock Tax Fight, Avoids Penalty

The IRS and a petroleum business owner’s estate resolved a US Tax Court dispute for about $1.5 million that stemmed from the valuation of shares the deceased held in her family’s Maine-based petroleum business.

The Estate of Hilda McCollum faced a $6.7 million estate tax deficiency after the IRS valued her shares in Dead River Co. at about $22.3 million.Chief Judge Patrick J. Urda on Thursday entered a stipulated decision granting the parties’ proposed settlement and holding the estate isn’t liable for a ...