M. Bennett Marcus and Maria F. Marcus - Page 4

                                        - 4 -4                                           

          to the other".  Mrs. Marcus also was leery of becoming involved             
          in "local arguments" over how the property should be handled.               
               Mrs. Marcus and her sisters decided to resolve their                   
          conflict by entering into an agreement entitled Deed of Family              
          Arrangement (the arrangement) on August 16, 1980.  The                      
          arrangement provided that the heirs, defined as Mrs. Marcus'                
          sisters, agreed to pay Mrs. Marcus a portion of the estate (one-            
          third of the net proceeds) when and as it was liquidated.  In               
          return, Mrs. Marcus waived, disclaimed, forfeited, and forwent              
          any interest she might have had in the property.                            
               Pursuant to the arrangement, Mrs. Marcus received $37,898 in           
          1990 from the sale of some of the apartments in Trieste, Italy.             
          Mrs. Marcus was not informed of the particulars of the sales;               
          i.e., sale price or number of units sold.  The value of the                 
          property at the date of her mother's death in 1970, at Mrs.                 
          Marcus' stepfather's death in 1980, and when she signed the                 
          arrangement was unknown to Mrs. Marcus.  Petitioners did not                
          include the $37,898 in gross income on their 1990 Federal income            
          tax return.                                                                 
          Attorney's Fees                                                             
               Mr. Marcus worked as an obstetrician/gynecologist for the              
          Marcus and Staglieno Medical Corp. (the corporation) in 1990.  He           
          was president of the corporation and wrote checks on its behalf.            
          He periodically paid attorneys to defend him in lawsuits brought            





Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011