- 8 - Section 2033 aside, and again assuming that these were voidable transfers, we are equally convinced that the value of decedent's Chapote limited partnership interest would be includable in the gross estate pursuant to section 2038(a)(1). Section 2038(a)(1) provides in pertinent part: (a) In General.--The value of the gross estate shall include the value of all property-- (1) Transfers after June 22, 1936.--To the extent of any interest therein of which the decedent has at any time made a transfer (except in case of a bona fide sale for an adequate and full consideration in money or money's worth), by trust or otherwise, where the enjoyment thereof was subject at the date of his death to any change through the exercise of a power (in whatever capacity exercisable) by the decedent alone or by the decedent in conjunction with any other person * * * to alter, amend, revoke, or terminate, or where any such power is relinquished during the 3-year period ending on the date of the decedent's death. In sum, the value of the gross estate includes the value of any interest transferred by the decedent, the enjoyment of which is subject to change by virtue of the decedent's retention of the power to alter, amend, revoke, or terminate, or where such power is relinquished during the 3-year period ending with the decedent's death. If Dilworth's transfers of the decedent's Chapote limited partnership interest constituted voidable transfers, the value of the property would be includable in decedent's gross estate pursuant to section 2038. See, e.g., Estate of Casey v. Commissioner, 948 F.2d 895 (4th Cir. 1991), revg. on otherPage: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011