Welch

This eause has been submitted for decision on the merits after full hearing, and under a stipulation entered into between counsel in open court The court accordingly finds the fair *618 market value as of date May 1, 1923', for federal estate tax purposes of the nine parcels of property, consisting of real property, buildings, ete., set forth in subdivisions (a) to (i), inclusive, of paragraph VIII of plaintiff’s complaint, as follows, to wit:

As to the promissory note, the value of which is in controversy herein, under the evidence taken in this case and applicable provisions of the Revenue Act of 1921 ( 42 Stat. 227 ), it is my opinion that said note is not taxable against the estate of Susanna H. Van Nuys, deceased, and should be held to have no taxable market value for federal estate tax purposes. It is proper to state that I have not reached this conclusion upon any theory of the application of the doctrine of res judicata by reason of the judgment of the state court wherein the note and mortgage were decreed to be legally unenforceable obligations and pecuniarily worthless. I do not believe that the doctrine of res judicata can be applied in this ease as against the United…