Estate of Judith U. Harrison - Page 18




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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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Last modified: May 25, 2011