- 17 - that the Commissioner raised as a “new matter” for which the Commissioner should bear the burden of proof. In the instant case, respondent identified both the legal and factual bases for his determination, stating, inter alia, in the notice of deficiency: It is determined that the decedent/guardian transferred DAS, Tyngsboro Family Limited Partnership for less than adequate and full consideration in money or money’s worth and that the decedent, through the guardian, retained an interest in the asset. Therefore, pursuant to I.R.C., section 2036, the fair market value of the asset is includible in the decedent’s gross estate. Accordingly, the taxable estate is increased by $1,100,000.00. Under that same reasoning, respondent determined that the full fair market values of the DAC FLP and the RMA FLP, $1.1 million and $581,000,22 respectively, should also be included in decedent’s taxable estate. Despite the estate’s protestations on brief, it is clear that the estate understood the basis of respondent’s determination. For example, in paragraph 4 of the petition, the estate states: (a) The Commissioner erred in reclassifying the Decedent’s thirty three and one third percent (33.3%) interest in the DAS Tyngsboro Family Limited Partnership (“DAS”) originally returned at a value of $238,333.00 on Schedule F, Item 3 of the Estate Tax Return. The Commissioner has taken the position in his reclassification that 100% of the DAC Family Limited Partnership is to be included on Schedule G of the Estate Tax Return. The Commissioner further errs in valuing the 100% interest in DAC at more than $238,333.00. * * * And in paragraph 5 of the petition, the estate states: 22See supra note 20.Page: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Next
Last modified: May 25, 2011