- 18 - advanced by the Commissioner may at times have been rejected as insufficient for inclusion under either paragraph of section 2036(a). See Estate of Beckwith v. Commissioner, supra at 248- 251. Nonetheless, we are firmly convinced that the cases which deal with retained “possession or enjoyment” of a residence for purposes of section 2036(a)(1), which the estate’s cited cases do not, establish the relevant standards and must govern our decision here. Accordingly, the estate’s reliance on these legally and factually distinguishable opinions is misplaced. Therefore, in light of all the facts and circumstances present in this case, we hold that decedent retained possession and enjoyment of the condominium within the meaning of section 2036(a)(1). The value of the condominium must be included in her gross estate. II. Valuation of the Condominium Regulations promulgated under section 2036 provide the following with regard to the value to be included in the gross estate pursuant to that statute: If the decedent retained or reserved an interest or right with respect to all of the property transferred by him, the amount to be included in his gross estate under section 2036 is the value of the entire property, less only the value of any outstanding income interest which is not subject to the decedent’s interest or right and which is actually being enjoyed by another person at the time of the decedent’s death. If the decedent retained or reserved an interest or right with respect to a part only of the property transferred by him, the amount to be included in his gross estatePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011