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deaths or, at minimum, of some misfortune that left one or both
spouses stranded in an area apparently so remote that not even a
possible crash site was found for many months. In both
scenarios, we believe that a buyer so informed would have
realized the high probability that any survival would be brief
and, accordingly, would have declined to pay anything for the
life estates at issue.
Moreover, the record before us reflects probate orders and
death registrations presuming identical April 1, 1994, dates of
death and finding it “more probable than not” that the Harrisons
died as a result of an aircraft crash en route to their
destination. In absence of any evidence that might suggest a
period of survival by either spouse, we find it incongruous to
accept the presumed April 1 dates of death for all other estate
tax purposes while at the same time rejecting the rationale
underlying such presumptions.
We hold that the Harrisons’ reciprocal life estates are not
appropriately valued on the basis of actuarial tables but instead
must be deemed without value. Consequently, the estates are not
entitled to credit for tax on prior transfers under section 2013.
To reflect the foregoing,
Decision will be entered
under Rule 155.
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