Conrad Janis and Maria G. Janis - Page 3

                                        - 3 -                                         
                                  FINDINGS OF FACT                                    
               Some of the facts have been stipulated, and the stipulated             
          facts are incorporated in our findings by this reference.  At the           
          time that Conrad and Maria filed their petition at docket No.               
          14318-01, they resided in California.  At the time that Carroll             
          and Donna filed their petition at docket No. 1344-02, they                  
          resided in New York.                                                        
          Background                                                                  
               Sidney Janis (Sidney), the father of petitioners Conrad                
          Janis (Conrad) and Carroll Janis (Carroll), owned and operated as           
          a sole proprietorship the Sidney Janis Gallery (gallery) in New             
          York City from 1948 until 1988.  Pursuant to a trust agreement,             
          Sidney transferred the gallery to an irrevocable trust in April             
          1988.  In the trust agreement, Sidney named himself, Conrad, and            
          Carroll as the trustees of the trust.  Sidney retained an income            
          interest in the trust for his life as well as a general power of            
          appointment over the trust’s assets.  At Sidney’s death, the                
          trust was to terminate, and any trust assets that Sidney had not            
          exercised his general power of appointment over were to be                  
          distributed to Conrad and Carroll in equal shares.  Sidney died             
          on November 23, 1989.  In his will, Sidney named Conrad and                 
          Carroll co-executors and sole beneficiaries of his estate.                  
               Carroll obtained a bachelor of science degree as well as a             
          master’s degree in art history from Columbia University.  Before            






Page:  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