- 18 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Last modified: May 25, 2011