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contacted decedent’s attorney and recommended that decedent
should be convinced to make a gift to decedent’s daughter in 1987
so that the statute of limitations for assessing gift tax would
start to run. We find that decedent and her son entered into the
redemption transaction to fulfill decedent’s estate planning
goals and for no other reasons. Decedent was not concerned with
and did not negotiate or authorize her attorney to negotiate for
the fair market value of her interest in PCAB. The price
received was the price that satisfied decedent’s needs while she
was alive, was the greatest amount her son believed he could pay,
and was the lowest price Nikita’s lawyers thought could be
defended for gift tax purposes. So long as the transaction could
be defended for Federal gift tax purposes, the fair market value
of the PCAB shares that were redeemed was not of material concern
to decedent.
We further find that decedent, after having received
competent independent legal advice, gave a fully informed consent
to the redemption transaction as an estate planning technique.
On the record before us, given the intended nature of the
redemption transaction, we can find no credible evidence that
would support a finding that decedent was defrauded of her
interest in PCAB or that there was any breach of fiduciary duty
by Nikita Maggos which was owed to decedent, thus entitling
decedent to rescind the transaction. We therefore reject
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