Court of Appeals for the Second Circuit March 27, 1972, 73, Docket 71-1542 (Douglas B. Cartwright, as of the Estate of Ethel B. Bennett v. United States)

WATERMAN, Circuit Judge:

We are called upon to decide whether Section 20.2031-8 (b) (1963) of the Treasury Regulations on Estate Tax (1954) which requires that shares of open-end investment companies (mutual funds) are to be valued for estate tax purposes at the public offering or publicly posted asked price is a reasonable regulation.