After concessions, the issues for decision are: (1) Whether
decedent's 1971 transfers in trust with retained life estates are
includable in decedent's gross estate, or whether they are
excluded from the estate because they were bona fide sales for
adequate and full consideration under section 2036(a);1 and (2)
whether the fair market value of certain real property owned by
decedent and subject to a lease is $170,000, as determined by
petitioner's appraiser, or is $228,000, as determined by
respondent in the notice of deficiency.2 For convenience, the
facts with respect to the second issue will be set forth with our
opinion on that issue.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts, the first, second, and third
supplemental stipulations of facts, and the attached exhibits are
incorporated herein by this reference.
Petitioner is the Estate of Cyril I. Magnin (Cyril). Cyril
was born in San Francisco, California, on July 6, 1899, and died
testate on June 8, 1988, in San Francisco. Donald Isaac Magnin,
1Unless otherwise indicated, all section references are to
the Internal Revenue Code as of the date of decedent's death, and
all Rule references are to the Tax Court Rules of Practice and
Procedure.
2Petitioner also contends that it is entitled to claim
additional deductions under sec. 2053 and an increase in the
State death tax credit under sec. 2011. These issues shall be
resolved in accordance with the Court's opinion herein under Rule
155.
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