Penney and Another v Commissioner of Inland Revenue - [1975] 2 NZLR 458

Revenue — Estate, gift and other duties — Estate duty — Value chargeable — Value of land, live and dead stock — Testator in partnership with son — Option clause in partnership agreement for surviving partner to purchase deceased partner's interest at value shown in the last balance sheet — Value of deceased partner's share restricted by option — Commissioner assessing value of share — What is to be taken into account as reasonable — Estate and Gift Duties Act 1968, s 24.