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Mr. Grayson would retrieve the documents after they were signed,
and the transfers were then recorded in the corporate stock
ledger. After their marriage, the transfers of shares from
decedent to James and Cheryl, and from Cheryl to James, were made
according to this same procedure.
Decedent did not file a Form 709, United States Gift Tax
Return, with respect to any of these transfers, nor were any
taxable gifts reported on Form 706, United States Estate (and
Generation-Skipping Transfer) Tax Return.
Decedent's Will
Decedent owned shares of MBI stock at the time of her
death,3 and her will, executed September 8, 1989, provided:
SECOND. After the payment of such funeral
expenses and debts, I hereby make the following
specific devises:
* * * * * * *
B. All capital stock in Mueller-Bies Funeral
Home, Inc., to my sons, Albert W. Bies and
Gregory J. Bies, or to the survivor of them;
* * *
2(...continued)
transfers to them. However, the record shows that the documents
were prepared at the same time.
3The personal representative reported on the estate tax
return that decedent owned 5.068 shares of MBI stock at the time
of her death. Petitioner represented in the petition that
decedent owned 5.9046 shares of MBI stock on the date of her
death. The exact number of shares that decedent owned at her
death is not now at issue.
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Last modified: May 25, 2011