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1. Petitioner's Estate "Accounting"
Petitioner's primary evidence concerning the use of
decedent's investment income is a purported "accounting" of
Garry's estate, which petitioner introduced at trial. According
to petitioner, its accounting--an approximately 125-page
document--lists every deposit made to and every payment made from
(other than interaccount transfers) the three bank accounts
petitioner claims were used to conduct the business of the family
farm. Petitioner alleges these three accounts were also used to
conduct the other business of Garry’s estate. Therefore,
petitioner asserts that the bank account information summarized
in the accounting proves how all income of Garry's estate was
spent, including any income received by the estate for the
benefit of decedent.
We do not agree with petitioner's characterization of the
accounting. For the reasons set forth below, the accounting is
not sufficiently complete or reliable to prove how all of
decedent's investment income (or all income of Garry's estate)
was spent. Moreover, whether we treat the accounting as an
admission or evaluate it in light of the other evidence in the
record, petitioner's accounting in fact shows that substantial
amounts of decedent's investment income were spent on the
children's expenses, not decedent's expenses.
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