- 8 - land located in Grapevine, Texas. He asserted that she owned only a one-half interest in the property on the date of her death, and that the fair market value was $527,250. Alternatively, Elwood alleged that, in the event the Court determined that Martha Cluck owned the entire legal interest in the Grapevine property at the date of her death, the fair market value thereof did not exceed $1,054,500. On November 25, 1988, we consolidated the cases of Elwood and his brothers, and the consolidated case was set for trial. On February 27, 1989, Elwood and his brothers entered into an agreement with respondent, styled "Stipulation of Settled Issues."7 The agreement provided, among other things, that 100 percent of the value of the Grapevine property would be included in Martha Cluck's gross estate. In addition, the parties agreed that the fair market value of Martha Cluck's 100-percent interest in the Grapevine property on the date of her death was $1,420,000. Separate decisions were entered in the Estate case as to each of the brothers based on the aforementioned agreement. 7 Petitioner argues that evidence of the agreement between the Cluck brothers and respondent is inadmissable under Rule 91(e), because it was a stipulation which was used in another case. Although styled as a stipulation, the settlement is an agreement between the parties which was deemed stipulated for purposes of this case. See supra note 3. Furthermore, the agreement is relevant and not barred by any evidentiary rule. We therefore find that the agreement is admissible in this case. AMERCO & Subs. v. Commissioner, 96 T.C. 18, 43-44 (1991), affd. on other grounds 979 F.2d 162 (9th Cir. 1992).Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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