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or money's worth". Sec. 2036(a).10
The parties do not dispute that the 1971 transfer in trust
of the proceeds of Cyril's shares in JM was one in which he
retained a life interest within the meaning of section 2036(a).
Instead, petitioner contends that the transfer of the remainder
interest to Cyril's children was made pursuant to the terms of
the 1951 Agreement in exchange for Cyril's receipt of lifetime
voting control of JM and a 50-percent lifetime income interest in
Joseph's shares. Thus, petitioner argues that in 1951 Cyril
received adequate and full consideration in money or money's
worth when he obligated himself to transfer the remainder
interest in his JM shares pursuant to the 1951 Agreement.
We must determine whether the agreement entered into between
Cyril and Joseph in 1951 constituted a bona fide sale supported
by adequate and full consideration in money or money's worth. As
a preliminary matter, however, we must determine which party
bears the burden of proof on this issue.
Generally, the burden of proof is on the taxpayer. Rule
10Sec. 2036(a) provides:
General Rule.--The value of the gross estate shall
include the value of all property to the extent of any
interest therein of which the decedent has at any time
made a transfer (except in case of a bona fide sale for
an adequate and full consideration in money or money's
worth), by trust or otherwise, under which he has
retained for his life * * *
(1) the possession or enjoyment of, or the
right to the income from, the property * * *
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