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and as transferees of the assets of decedent's estate.
Respondent also issued notices of deficiency to decedent's
other daughters, Celeste Schettig and Honore O'Brien, as
transferees of assets from the estate of Honore, but
limited their liability to $169,404 each. In addition,
respondent issued notices of deficiency to the four
residuary trusts established in Mr. de St. Aubin's will
as transferees of assets of the estate of decedent. The
notices limited the trusts' liability to $8,595,606.80
each. The issue of transferee liability arose by reason
of the transfer of assets to petitioners that respondent
contends are includable in decedent's gross estate. The
above-named petitioners filed timely petitions with this
Court. They dispute the entire amounts of the
deficiencies.
OPINION
Petitioners request the following three holdings in
their motion for partial summary judgment:
1. Neither Honore V. de St. Aubin ("Honore")
nor her Estate had a claim to "delayed income"
under the New York Principal and Income Act
(Estates, Powers and Trust Law ["EPTL"] �11-2.1)
at the date of Honore's death with respect to the
shares of stock in Modern Globe, Inc. held by the
estate of her husband, Ovide de St. Aubin
("Ovide");
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