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coexecutors to the effect that the decedent had given them most
of the seized assets, and that they had placed the assets in one
of the safe deposit boxes for safekeeping.
We are unpersuaded by the coexecutors' testimony that the
decedent gave them some of the seized assets, and the record
shows to the contrary; e.g., several witnesses testified that
they had seen some of the seized assets in the decedent's
possession after the alleged gifts took place. We look to the
objective facts in the record, and we find that a Federal gift
tax return was never filed reporting these items as gifts. We
also find that these items were seized from a safe deposit box
that was in the name of the Trust. We conclude that the seized
assets were owned by the decedent (through the Trust) when he
died, and that they were includable in his gross estate.
We are unable to conclude, however, that the estate failed
to report $14 million in assets, as determined by respondent.
The record does not disclose all of the unreported assets that
respondent believes makes up the disputed amount of approximately
$13 million, and we conclude from the record that Mr. Pasko was
not knowledgeable on the full extent of the decedent's holdings.
Following our detailed review of the record, we find that the
estate failed to report $4.5 million of assets (inclusive of the
approximately $1 million amount conceded by the estate). In
addition to the items which were seized from the safe deposit
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