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The marital trust allowed for a QTIP election by the trustee
under section 2056. Because the QTIP marital trust met the test
in section 2056(b)(7), respondent allowed a marital deduction in
the Estate of Joaquim Lopes for the value of the property
interests passing into that trust.
After Joaquim's death, decedent made gifts of undivided
interests in properties held in the survivor's trust to James.
James also purchased interests in more of the survivor's trust
properties. Decedent died shortly after the last of these
transfers. Though the validity of the transfers of these
interests was debated at one time, the parties have come to an
agreement about the gross fair market values of a 100-percent
interest in the properties and about which of the fractional
interests in each of the properties are to be included in
decedent's gross estate. The parties also have reached an
agreement as to the percentage amount of the fractional interest
discount to the undivided fair market value of each of the
properties. The parties' Stipulation of Settled Issues contains
the agreed amounts of each adjustment if we decide either to
aggregate the interests for valuation purposes or to value the
properties in each trust separately.
Rule 121(b) provides that a motion for summary judgment
shall be allowed and considered if the pleadings and admissions
show that there is no genuine issue of material fact and that a
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Last modified: May 25, 2011