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Respondent contends that, in these cases, "The inventory
value of Modern Globe stock should be determined at the
date the Trusts should have been funded." Respondent
argues that, because that date is a disputed matter of
fact, petitioners' motion for summary judgment should be
denied. Respondent also appears to assert that the stock
was not "made subject to the trusts" until the trusts were
actually funded in 1984. However, respondent concedes
that, if the inventory value is to be determined as of
Mr. de St. Aubin's date of death, petitioner's estate
possessed no right to delayed income from the Modern Globe
stock.
EPTL section 11-2.1(c)(1), which defines the point at
which the right to income arises, states: "In the case of
an asset which becomes subject to a trust by reason of a
will, it becomes subject to the trust as of the date of the
death of the testator even though there is an intervening
period of administration of the testator's estate." An
identical proposition has long been reflected in the case
law. See, e.g., In re Bird's Will, 149 N.E. 827, 828 (N.Y.
1925); In re Stanfield's Estate, 31 N.E. 1013, 1014 (N.Y.
1892); In re Ahren's Estate, 196 N.Y.S. 313, 314 (App. Div.
1922); In re Will of Osterlof, 343 N.Y.S.2d 896, 898 (Sur.
Ct. 1973); In re Myers' Trust, 190 N.Y.S.2d 566, 571 (Sup.
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