Carrie H. Suchar, Transferee, et al. - Page 26

                                       - 26 -                                         
          reflected an effort simply to raise enough money to get Marilou             
          off their backs, to get Marilou partially paid off amounts due              
          her under the 1994 divorce decree, to avoid Richard’s ending up             
          in jail, and to keep the bulk of the family homestead within the            
          family, and that there was no intent to defraud respondent.                 
               We are not persuaded.  It is clear that Marilou had no                 
          desire to retain an ownership interest in the farm acreage or in            
          the residence acreage, and it is clear that Marilou was putting             
          significant pressure on Richard to sell the properties, including           
          her interests therein.  That background explains the fact of the            
          sale of the farm acreage and particularly the sale of Marilou’s             
          interest therein, but it does not explain the manner by which               
          Richard’s and Marilou’s interests in the farm acreage were                  
          transferred or the amount of consideration received therefor, nor           
          does it explain why Richard transferred his interest in the                 
          residence acreage for no consideration.                                     
               The evidence establishes that Richard’s transfers to his               
          daughters of his one-half interests in the farm acreage, the                
          residence acreage, and the 20-acre carve out were made to place             
          the properties beyond the reach of respondent’s collection                  
          authority by removing Richard’s name therefrom, while at the same           
          time keeping the property within the family.                                
               Summarized below are our conclusions, as of September of               
          1998, as to the fair market value of Richard’s one-half interests           






Page:  Previous  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  Next

Last modified: May 25, 2011