Estate of Ida Abraham, Deceased, Donna M. Cawley, and Diana A. Slater, Administratrixes - Page 18

                                       - 18 -                                         
               (g)  The fractional share gifts of the Limited Partnership             
               interest made by the Decedent * * * were made outright,                
               absolutely, and unconditional.  The Decedent retained no               
               incidents of ownership and had no further rights with                  
               respect to the Limited Partnerships, either express or                 
               implied.                                                               
               We think the description in the notice is sufficient to                
          provide the estate with a description of the factual and legal              
          bases for respondent’s deficiency determination and that                    
          respondent has not raised any new issues.  Accordingly, we find             
          that the burden of proof does not shift to respondent.                      
          B.  Section 2036--Full Inclusion of the FLP Interests?                      
               In the notice of deficiency, respondent determined that                
          decedent transferred interests in the FLPs “for less than                   
          adequate and full value in money or money’s worth and that the              
          decedent, through the guardian, retained an interest” in the FLP            
          interests transferred and that the full fair market values of the           
          FLPs should have been included in decedent’s gross estate.23  On            
          brief, respondent explains that the interplay between the probate           
          court’s decree and the estate plan documents themselves expressly           
          created for decedent, through her duly appointed legal                      
          representatives, a retained right to all the income that the FLPs           
          generated.  Alternatively, respondent argues that there was an              
          implied agreement between decedent’s children and the limited               




               23See supra note 20.                                                   




Page:  Previous  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  Next

Last modified: May 25, 2011