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for the Ninth Circuit held that the decedent did not receive
adequate and full consideration under section 2036(a). United
States v. Past, supra at 12-14.
Whether the consideration received by Cyril under the 1951
Agreement was "adequate and full" within the meaning of section
2036(a) must be determined by comparing the value of what Cyril
received on October 31, 1951, with the October 31, 1951, value of
the stock that Cyril owned and agreed to transfer to his children
at his death; i.e., the value that otherwise would have been
included in his gross estate by virtue of the retained life
estate. Id. at 12; United States v. Allen, 293 F.2d 916, 918
(10th Cir. 1961); Estate of D'Ambrosio v. Commissioner, supra at
260; Estate of Gregory v. Commissioner, 39 T.C. at 1016; Gradow
v. United States, 11 Cl. Ct. 808 (1987), affd. 897 F.2d 516 (Fed.
Cir. 1990). Such measurement is consistent with the purpose
behind the "adequate and full consideration" exception--to
prevent the depletion of the decedent's estate. Commissioner v.
Wemyss, 324 U.S. at 307; Commissioner v. Bristol, 121 F.2d at
134; Estate of Frothingham v. Commissioner, 60 T.C. at 215-216.
Accordingly, we hold that the consideration received by Cyril
under the 1951 Agreement was not "adequate and full" within the
meaning of section 2036(a), and, therefore, the value of the
trusts that Cyril created in 1971 must be included in his gross
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