UNITED STATES SUPREME COURT DECISIONS ON-LINE

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.