Estate of Margot Stewart, Deceased, Brandon Stewart, Executor - Page 6

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          1976).  Thus, “Enjoyment as used in the death tax statute is not            
          a term of art, but is synonymous with substantial present                   
          economic benefit.”  Estate of McNichol v. Commissioner, 265 F.2d            
          667, 671 (3d Cir. 1959), affg. 29 T.C. 1179 (1958).  Retained               
          enjoyment may exist where there is an express or implied                    
          understanding at the time of the transfer that the transferor               
          will retain the economic benefits of the property.  Guynn v.                
          United States, 437 F.2d 1148, 1150 (4th Cir. 1971); Estate of               
          Rapelje v. Commissioner, 73 T.C. 82, 86 (1979).                             
               Decedent’s retention of the property’s income stream after             
          the property was transferred is “very clear evidence that the               
          decedent did indeed retain ‘possession or enjoyment.’”  Estate of           
          Hendry v. Commissioner, 62 T.C. 861, 873 (1974).  Decedent                  
          continued to receive the $9,000 monthly rent payments from                  
          Financial Solutions, Ltd., and enjoy the economic benefits of the           
          61st Street property.  Mr. Stewart contends that he and decedent            
          agreed they would share the income and expenses, in a manner                
          reflective of their ownership interests, relating to the 61st               
          Street property (i.e., Mr. Stewart would receive 49 percent of              
          the income and pay 49 percent of the expenses) and the East                 
          Hampton property (i.e., Mr. Stewart would receive 50 percent of             
          the income and pay 50 percent of the expenses).  At the end of              
          2000, according to Mr. Stewart, he and decedent intended to                 
          perform a financial reconciliation to ensure that the proper                

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