-8-
The assets which we find were omitted from the taxable
estate generally fall within three categories. First, there is
approximately $1 million of assets which the estate concedes were
unreported. Nineteen of these assets were seized by respondent
from the safe deposit box and were sold at an auction held by
Christie’s, Inc. (Christie’s).5 Second, there are six other
assets which respondent seized from the safe deposit box but
which Christie’s did not sell at auction. The parties agree that
these six assets are includable in the taxable estate but
disagree on their applicable fair market values. Third, there
are still other assets as to which the parties dispute both fair
market value and inclusion in the taxable estate. The
coexecutors admit that they removed from the decedent’s home
after his death some of the assets included within this third
category, but they deny the existence of most of the other
assets. Respondent has never recovered any of these assets, but
he has established to our satisfaction that they exist and are
includable in the taxable estate. Respondent has done so through
the introduction of credible testimony and documentary evidence
that includes receipts and checks from purchases made by the
decedent. We infer from this evidence that the decedent paid for
and owned the assets listed in the receipts, see, e.g., Estate of
5 The purchasers of the items auctioned by Christie’s bought
those items “as is”.
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