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MEMORANDUM FINDINGS OF FACT AND OPINION
WHERRY, Judge: By a statutory notice dated October 11,
2002, respondent determined a Federal estate tax deficiency in
the amount of $6,113,583.03 with respect to the estate of Charles
Porter Schutt (the estate). By answer, respondent asserted an
increase in the deficiency of $1,409,884.65. Thereafter, by
amendment to answer, respondent asserted a further increase in
the deficiency of $3,595,513.32 (for a total deficiency of
$11,118,981). After concessions, the principal issue for
decision is whether the fair market value of stock contributed by
Charles Porter Schutt (decedent) through a revocable trust to
Schutt, I, Business Trust (Schutt I) and Schutt, II, Business
Trust (Schutt II) is includable in his gross estate pursuant to
section 2036(a) or 2038.1
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulations of the parties, with accompanying exhibits, are
incorporated herein by this reference. Decedent was a resident
of the State of Delaware when he died testate on April 21, 1999,
and his will was probated in that State. The co-executors of
1 Unless otherwise indicated, section references are to the
Internal Revenue Code (Code) in effect as of the date of
decedent’s death, and Rule references are to the Tax Court Rules
of Practice and Procedure.
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