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transfers, the recipients began receiving the dividends from the
Hondo stock. Based on all of the facts and circumstances
presented in this case, we conclude that Birnie did intend to
make present and irrevocable transfers of Hondo stock in July of
1980 to her niece and nephews. We conclude that Birnie owned a
50-percent interest in the Hondo stock in 1980. Because Birnie
had a sufficient ownership interest9 and the intent to make a
gift of the Hondo stock, and there is no dispute as to any other
element of a gift, we find that under Oklahoma law Birnie did
make a completed gift of Hondo stock in July of 1980.
Statute of Limitations
Section 6501(a) provides generally that assessments of tax
must be made within 3 years after the taxpayer files a return.
The Federal estate tax return for the Estate of Birnie
Davenport was filed on November 7, 1991. A Federal gift tax
return for the taxable year 1980, signed by the co-personal
representatives of the Estate of Birnie Davenport, was filed on
behalf of Birnie on November 7, 1991. Respondent mailed notices
9 Despite Birnie's lack of legal title, we find that her
interest in the Hondo stock, like that of a tenant in common, was
capable of being transferred. See Starnes v. Miller, 505 P.2d
180, 182-183 (Okla. 1972). Also, the fact that delivery of stock
certificates was delayed did not prevent the gift from being
complete in July of 1980. Birnie, through the use of the sales
agreements and deed of gift, accomplished sufficient delivery to
put the gift beyond her dominion and control. See Richardson v.
Commissioner, T.C. Memo. 1984-595.
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