Estate of Albert Strangi, Deceased, Rosalie Gulig, Independent Executrix - Page 20

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          distributions would be outside the day-to-day business of a                 
          partnership capitalized nearly exclusively with investment                  
          assets.  As a practical matter, actual disbursement of funds                
          occurred when checks were issued by Mr. and Mrs. Gulig in their             
          various related capacities, pursuant to rights granted to them by           
          decedent, acting through Mr. Gulig.                                         
               Hence, to summarize, the SFLP agreement named Stranco                  
          managing general partner with the sole discretion to determine              
          distributions.  The Stranco shareholders, including decedent                
          (through Mr. Gulig), then acted together to delegate such                   
          authority to Mr. Gulig under the management agreement.                      
          Decedent’s attorney in fact thereby stood in a position to make             
          distribution decisions.  Mrs. Gulig effectuated these decisions             
          by signing checks to the recipients so designated.                          
               1.  Section 2036(a)(1)                                                 
               Section 2036(a)(1) provides for inclusion of transferred               
          property with respect to which the decedent retained, by express            
          or implied agreement, possession, enjoyment, or the right to                
          income.  Enjoyment in this context is equated with present                  
          economic benefit.                                                           
                    a.  Right to income                                               
               As a threshold matter, we observe that our analysis above of           
          the express documents suggests inclusion of the contributed                 
          property under section 2036(a)(1) based on the “right to the                






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