- 15 -
whether her father would be able to draw money from the Dean Witter
account in order to give $10,000 gifts to children, grandchildren,
and great-grandchildren each year.
In a letter dated November 28, 1993, George wrote to Mr. DeVol
asking: “How does Betsy’s father get $40,000 to give away as
Christmas presents (with checks dated January 1994)? (Bob Thompson
has a similar question.).”
In 1993 both the Turner Partnership and Thompson Partnership
made distributions of $40,000 to decedent in order that he could
continue his practice of giving gifts at Christmastime to family
members. The $40,000 distributions from the partnerships were
shown on decedent’s Schedule K-1, Beneficiary’s Share of Income,
Deductions, Credits, etc., as a distribution/withdrawal for that
year and as a reduction in his capital account.
On January 11, 1995, the Thompson Partnership made a
distribution of $45,500 to decedent’s checking account, in order
that decedent’s Christmas checks to Robert, his children, and his
grandchildren would not bounce. On the same date, the Turner
Partnership made a distribution of $45,220 to decedent’s checking
account, in order that decedent’s Christmas checks to Betsy, her
children, and her grandchildren would not bounce.
In 1994 and/or 1995, in addition to some cash gifts, decedent
made gifts of interests in the Turner Partnership and the Thompson
Partnership. Gift tax returns filed by decedent (or on his behalf)
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NextLast modified: May 25, 2011