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death, and all Rule references are to the Tax Court Rules of
Practice and Procedure.
After settlement of some issues, the issue remaining for
decision is whether predeath transfers of decedent’s property
with a value of $144,400 and made for no consideration were
revocable under Connecticut law and includable in decedent’s
gross estate under section 2038(a)(1).
Background
This case was submitted fully stipulated under Rule 122.
On June 1, 1996, Mary Catherine IX Gaynor, decedent, died a
resident of Branford, Connecticut.
On October 7, 1986, approximately 10 years prior to
decedent’s death, decedent executed a general power of attorney
(POA) under the Connecticut Statutory Short Form Power of
Attorney Act (the Act), Conn. Gen. Stat. Ann. secs. 1-42 to 1-56
(West 2000). In the POA, decedent appointed an attorney and
decedent’s son, Gerald Gaynor, as attorneys-in-fact to act in
decedent’s stead.
The POA consisted of a standard form POA under Connecticut
law and explicitly authorized decedent’s attorneys-in-fact to act
in decedent’s stead with respect to decedent’s ownership
interests in real estate, chattels and goods, stocks and bonds,
banking, insurance, claims and litigation, personal relationships
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