Estate of Milada S. Neumann, Deceased, Eric W. Shaw, Ancillary Administrator, C.T.A. - Page 2

                  Edward L. Peck and Thomas V. Glynn, for petitioner.                                  
                  Moira L. Sullivan, for respondent.                                                   


                                               OPINION                                                 

                  TANNENWALD, Judge:  Respondent determined a deficiency in                            
            petitioner's Federal estate tax and generation-skipping transfer                           
            (GST) tax in the amount of $2,002,102.05.  After concessions, the                          
            sole issue remaining for decision is whether the GST tax, under                            
            sections 2601 through 2663,1 applies to the transfer of U.S.                               
            situs property to decedent's grandchildren, where, at the time of                          
            death, decedent was a nonresident alien and regulations had not                            
            yet been promulgated under section 2663(2).                                                
                  All the facts have been stipulated and are so found.  The                            
            stipulation of facts and the exhibits attached thereto are                                 
            incorporated herein by this reference.                                                     
                  Petitioner is the estate of Milada S. Neumann (decedent) who                         
            died testate on July 14, 1990.  Decedent was a resident and                                
            citizen of the Republic of Venezuela at the time of her death.                             
            Eric W. Shaw is the ancillary administrator and resided in                                 
            Larchmont, New York, at the time the petition was filed.                                   
                  Decedent's will was admitted to ancillary probate by the                             
            Surrogate's Court of New York County, New York.  As translated                             
            into English, the will provides in part as follows:                                        

            1 All statutory references are to the Internal Revenue Code in                             
            effect as of the date of decedent's death, and all Rule                                    
            references are to the Tax Court Rules of Practice and Procedure.                           




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