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enumerated shareholding interests identified in the Disclaimer.”
We agree with respondent’s interpretation of decedent’s will and
the Disclaimer.
Pursuant to Article THIRD (A) of decedent’s will, the Trust
was to be created and funded with an amount equal to the
“aggregate federal estate tax exemption equivalent”. Article
THIRD (A) further provides that this amount should not be reduced
on account of any disclaimer by Sarah Katz. Article FOURTH (B)
of decedent’s will provides that if Sarah Katz “disclaims any
interest in any portion of the property otherwise passing
outright to her * * * such portion instead shall be added to the
trust created under Article THIRD”. Thus, the Trust was to be
funded with an amount equal to the “aggregate federal estate tax
exemption equivalent” and with any interests disclaimed by Sarah
Katz.
Respondent correctly determined that the securities
disclaimed by Sarah Katz should be added to the property passing
to the Trust, as required by Article FOURTH (B) of decedent’s
will. Thus, the Trust was funded with the “aggregate federal
estate tax exemption equivalent” and the securities specified in
the Disclaimer.
The estate argues that decedent intended for the Trust to be
funded only with the “aggregate federal estate tax exemption
equivalent”. The estate argues that we should interpret
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Last modified: May 25, 2011