- 24 -
that the Bard property was decedent’s separate property at the
time of his death.
E. Conclusion
The New Mexico ranch was decedent's separate property.
Petitioner has not persuaded us that the character of either that
property or the successor properties changed during decedent's
lifetime. Therefore, decedent's interest in the Bard property
was decedent's separate property on the date of his death, and
therefore the value of that property is includable in his gross
estate. Petitioner received a one-third interest in that
property under the intestate succession laws of the State of
California, and only the value of that one-third interest is
deductible in computing the taxable estate.
Decision will be entered
under Rule 155.
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Last modified: May 25, 2011