Estate Duty - Valuation of Interest in Farm Partnership

Re Bloomfield (28 August 1978, M 20/77, Gisborne Supreme Court, Jeffries J) dealt with the valuation of an interest in a farm partnership on the death of one of the partners. The deceased held a one twelfth share in the partnership. In the absence of any written partnership agreement, the partnership had to be wound up on her death. The executors claimed that her share should be valued at a discount since she had only a minority interest, but the Court agreed with the Commissioner that a one twelfth interest accrued to the estate