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Second: I resolve that all that is legitimate (that is
fifty percent) corresponds to my only legitimate heir,
my son Michal * * *
Third: I instruct that after the legitimate is
subtracted, all the available portion of my estate
(that is fifty percent) is distributed as follows: half
of the available (that is twenty-five percent) to my
legitimate granddaughter Vanesa * * * and the other
half of the available (that is twenty-five percent) to
my legitimate grandson, Ricardo.
Vanesa and Ricardo are the children of decedent's son,
Michal. At the time of decedent's death, Michal and Ricardo were
citizens and residents of Venezuela, and Vanesa was a citizen and
resident of the United States.
Decedent's estate included U.S. situs property consisting of
works of art and other tangible personal property, and a
cooperative apartment, all located in New York, New York. The
estate also included foreign situs property including cash and
securities located in Venezuela and in a Cayman Islands Trust.
At the time of death, the U.S. situs property had a value of
approximately $20 million, and the foreign situs property had a
value of approximately $15 million.
In the notice of deficiency, respondent determined that the
testamentary transfers of property to Vanesa and Ricardo,
decedent's grandchildren, were subject to the GST tax.
The generation-skipping transfer tax was first imposed by
the Tax Reform Act of 1976, Pub. L. 94-455, sec. 2006, 90 Stat.
1520, 1879, but applied only to transfers in trust and not to
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