United States v. Cartwright, 411 U.S. 546 (1973)
U.S. Supreme CourtUnited States v. Cartwright, 411 U.S. 546 (1973)
United States v. Cartwright
Argued January 16, 1973
Decided May 7, 1973
411 U.S. 546
Shares in mutual funds can be "sold" by the shareholder only back to the fund, and only at a set redemption price. Treas.Reg. § 20.2031-8(b), requiring that such shares be valued for federal estate tax purposes at the current public offering ("asked") price, which is determined by adding a load or sales charge to the net asset value, is clearly inconsistent with the Investment Company Act of 1940, and is therefore invalid. Pp. 411 U. S. 550-557.
457 F.2d 567, affirmed.
WHITE, J., delivered the opinion of the Court, in which DOUGLAS, BRENNAN, MARSHALL, BLACKMUN, and POWELL, JJ., joined. STEWART, J., filed a dissenting opinion, in which BURGER, C.J., and REHNQUIST, JJ, joined, post p. 411 U. S. 557.