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Korby (the estate).1 After concessions, there are two issues
remaining for decision.
(1) Is the value of the assets Austin and Edna Korby
(Austin and Edna or the Korbys) transferred to the Korby
Properties, A Limited Partnership (KPLP), includable in the gross
estate under sections 20362 and 2038? We hold that 58.46 percent
of KPLP’s value is includable under section 2036(a)(1).
(2) Is the value of an annuity purchased in 1995 includable
in the gross estate? We hold that the value of the 1995 annuity
is so includable.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts, supplemental stipulation of facts,
second supplemental stipulation of facts, and attached exhibits
are incorporated herein by this reference. At the time the
petition was filed, the mailing address for the estate was in
Fergus Falls, Minnesota, and Austin Dennis Korby, Jr. (Dennis),
Austin and Edna’s son and the trustee of the Austin and Edna
1Respondent also determined a deficiency with respect to the
estate of Austin Korby’s wife, Edna Korby, who died 5 months
before Austin. The issues concerning Edna’s estate are addressed
in a separate Memorandum Findings of Fact and Opinion of this
Court.
2Unless otherwise indicated, all section references are to
the Internal Revenue Code in effect for the date of the
decedent’s death, and all Rule references are to the Tax Court
Rules of Practice and Procedure.
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