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1990 and 1991 tax returns, which reported income derived from the
pension funds only to the extent that the assets formerly held in
the Plan and Trust were used for the estate's expenses ($295,447
and $367,460 in 1990 and 1991, respectively). The pension funds
were used to pay the estate's tax liabilities and other
administration expenses including attorney's fees, temporary
administrator's fees, apartment rental and maintenance fees, real
estate taxes, and storage fees. Some of the expenses paid from
the pension funds were made with the surrogate's court approval,
while others were made without the surrogate's court approval.
In December 1994, after 5 days of trial, the New York County
Surrogate's Court's Preminger issued an order directing that
decedent's will be admitted to probate on January 5, 1995. On
March 30, 1995, Ms. Giacobbi filed papers in the probate court of
Greenwich, Connecticut, seeking to have decedent's will admitted
to probate. The will was accepted by the probate court, and
Ms. Giacobbi and Mr. Sklar were appointed coexecutors on or about
March 30, 1995. The pension funds, along with decedent's other
assets, are the subject of continuing litigation.
In separate notices of deficiency issued to each of the
coexecutors, dated August 14, 1996, respondent determined that
the 1988 and 1989 pension distributions were includable in the
estate's income when received, and not when expended, by the
temporary administrator.
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