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MEMORANDUM FINDINGS OF FACT AND OPINION
WHERRY, Judge: Respondent determined a Federal income tax
deficiency in the amount of $567,864 and a penalty pursuant to
section 6662 of $113,572.80 with respect to the 2000 taxable year
of Frances Elaine Freedman (decedent).1 After concessions, to be
explained in greater detail below, the principal issue for
decision is what portion of gain from certain stock sales is
taxable to decedent in 2000.
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 Florida when she died testate in Sint Maarten
(also referred to as St. Martin), Netherlands Antilles, on
June 17, 2003. Her estate was admitted to probate in the Circuit
Court for Hernando County, Florida, and her daughter, Robin
Elaine Carnette (Ms. Carnette), was appointed personal
representative. The instant tax case was subsequently filed on
behalf of the Estate of Frances Elaine Freedman (the estate), at
which time Ms. Carnette resided in Brunswick, Georgia.
1 Unless otherwise indicated, section references are to the
Internal Revenue Code of 1986, as amended and in effect for the
year in issue, and Rule references are to the Tax Court Rules of
Practice and Procedure.
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