T.C. Memo. 2001-250
UNITED STATES TAX COURT
ESTATE OF ELEANOR T.R. TROTTER, DECEASED, WILLIAM F. RECTOR, JR.,
AND ANN RECTOR LEWIS, CO-EXECUTORS, Petitioner v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 288-00. Filed September 21, 2001.
In 1993, D gratuitously transferred her residence
to an irrevocable trust, naming her daughter as trustee
and her grandchildren as beneficiaries. D then
continued to occupy the residence without payment of
rent until her death in 1996.
Held: There existed an implied understanding that
D would retain possession and enjoyment of the
residence such that the property is includable in her
gross estate under sec. 2036(a)(1), I.R.C.
Held, further, the value of the residence for
purposes of inclusion in the gross estate is $125,000.
H. Lawrence Yancey, for petitioner.
Elizabeth Downs, for respondent.
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