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In regard to the Bixby Knolls Motel, which was purchased on
May 19, 1983, there was no evidence presented to establish that
decedent and Yang transmuted the Bixby Knolls Motel into
community property by an agreement, oral or written, prior to
January 1, 1985. There was no evidence presented to support a
finding that decedent and/or Yang intended to transmute the Bixby
Knolls Motel into community property.
Therefore, we find that the Youngs did not effectively
transmute the Young Property from joint tenancy into community
property.
Conclusion:
From the record, we conclude that the evidence presented by
petitioner has not overcome the presumption of joint tenancy.
Therefore, decedent and Yang held the Young Property as joint
tenants with the right of survivorship.
Issue 2: Discount Issue
Having determined that the Young Property was held in joint
tenancy under State law, we now turn to the Federal estate tax
aspects of the case. In determining an estate's tax liability,
the gross estate must be defined. Section 2031(a) provides that
"the value of the gross estate of the decedent shall be
determined by including to the extent provided for in this part
[sections 2031-2046], the value at the time of his death of all
property, real or personal, tangible or intangible, wherever
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