Estate of James Barudin, Deceased, Muriel B. Clarke, Executrix - Page 9

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          Estate Tax Return and Respondent's Audit                                    
               As indicated, decedent died on December 31, 1989.                      
               In spite of decedent's April 1986 assignment to his daughter           
          of a remainder interest in his ownership unit in the FC                     
          Partnership, petitioner agrees that, for Federal estate tax                 
          purposes and pursuant to section 2036(a)(1), the date-of-death              
          value of decedent's ownership unit in the FC Partnership is                 
          includable in decedent's gross estate.  Accordingly, on                     
          petitioner's Federal estate tax return, the ownership unit was              
          included in decedent's gross estate at a December 31, 1989, date-           
          of-death value of $280,000.  The record does not reflect how the            
          $280,000 date-of-death value was calculated.                                
               On audit of petitioner's Federal estate tax return,                    
          respondent determined that decedent's ownership unit in the FC              
          Partnership should be included in decedent's gross estate at a              
          December 31, 1989, date-of-death value of $721,960.                         
               Prior to trial, both petitioner and respondent revised their           
          respective assertions for the December 31, 1989, date-of-death              
          value of decedent's ownership unit in the FC Partnership.                   
          Petitioner now asserts that the date-of-death value of decedent's           
          ownership unit equaled $200,000, and respondent asserts that the            
          date-of-death value of decedent's ownership unit equaled                    
          $596,000.                                                                   







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