- 20 -
David Is the Executor of Sloan’s Estate
We now consider whether David is the executor of Sloan’s
estate pursuant to section 2203. For estate tax purposes, an
“executor” means “the executor or administrator of the decedent,
or, if there is no executor or administrator appointed, qualified,
and acting within the United States, then any person in actual or
constructive possession of any property of the decedent.” Sec.
2203. In the instant case, Sloan's estate was not probated; hence,
David can only be deemed the “executor” of Sloan’s estate for tax
purposes if he had actual or constructive possession of property
belonging to Sloan. For the reasons set forth, we conclude David
had actual possession of Sloan’s property following the date of
Sloan’s death.
On the date of his death (March 8, 1987), Sloan held over $11
million in assets, including: (1) Funds in two checking accounts;
(2) 110,000 shares of stock (with an $8,937,500 market value); (3)
a beneficial interest in the trust (consisting of 5,616 shares of
stock, with a $456,500 market value); and (4) various other valued
assets.3 There is ample evidence in the record linking David to
actual possession of these assets.
3 The parties disagree as to whether Sloan had $1,728,362
cash on hand at the time of death. We accept Mr. McGuire’s
conclusion that Sloan’s ownership of the 110,000 shares of stock
generated approximately $1,728,362 in dividends between 1980 and
1985.
Page: Previous 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 NextLast modified: May 25, 2011