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Discusses the optional valuation date under the federal estate tax in the U.S. as of 1939. Valuation of a state under the estate tax statute; Application of the optional valuation date statute on a closely held corporation; Overview of the case Wilson versus Bowers which deals with the double taxation of capital gains.

Examines the steps in the change of the stand of courts regarding the multiple taxation of a real property in the U.S. Decision of the court that a tangible property permanently situated outside the state of domicile of the owner is subject to taxation only in the state where so permanently located and not by the state of the owner's domicile in the case Union Refrigerator Transit Co. versus Kentucky; Contention of the court that multiple taxation of intangible property is objectionable from an economic standpoint as if the property were tangible; Overview of the rulings of cases where the change in attitude as to the taxation of intangibles is transparent.

Discusses a U.S. case highlighting the taxation of income from foreign sources. Facts of the case; Background on the U.S. income tax laws applicable to the case; Summary of the ruling.