Robert John Kayian, Transferee - Page 31

                                       - 31 -                                         

          On the record before us, we agree with respondent and find that             
          petitioners are the direct transferees from Mr. Kayian, Sr. of              
          the respective portions of the transferred properties that they             
          received.  Nevertheless, we shall examine only the initial                  
          transfer from Mr. Kayian, Sr. to Mr. Kayian, Jr., as petitioners            
          request, since our examination of that transfer resolves the                
          transferee liability issues in these cases.                                 
               The parties agree that, in determining whether Mr. Kayian,             
          Jr. is a transferee at law or in equity, and therefore whether              
          petitioners are liable as transferees for Mr. Kayian, Sr.'s 1987-           
          1989 unpaid tax liability, we must consider the application of              
          the fraudulent conveyance law of Florida set forth in (1) Fla.              
          Stat. Ann. sec. 726.105 (West 1988) (Fla. Stat. Ann. sec. 726.105           
          or Florida fraudulent transfer statute) and (2) Fla. Stat. Ann.             
          sec. 726.106 (West 1988) relating to constructively fraudulent              
          transfers.  We shall address only the applicability of the                  
          Florida fraudulent transfer statute to the initial transfer                 
          because our consideration of that statute disposes of the trans-            
          feree liability questions presented.                                        
               The Florida fraudulent transfer statute provides in per-               
          tinent part:                                                                
                    (1) A transfer made or obligation incurred by a                   
               debtor is fraudulent as to a creditor, whether the                     
               creditor's claim arose before or after the transfer was                
               made or the obligation was incurred, if the debtor made                
               the transfer or incurred the obligation:                               

Page:  Previous  21  22  23  24  25  26  27  28  29  30  31  32  33  34  35  36  37  38  39  40  Next

Last modified: May 25, 2011