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evidence that GFLP held legal title to any assets of the Marital
Fund when decedent died.
Petitioner argues, however, that decedent’s failure to
transfer legal title to Marital Fund assets pursuant to the
assignment was immaterial because legal title is only prima facie
evidence of ownership. Although the transfer of legal title is
not an essential element of an inter vivos gift under Oklahoma
law, the presumption under Oklahoma law that ownership lies with
the person holding legal title to an asset can be overcome only
by evidence that the donor delivered, or otherwise parted with
dominion and control over, the subject matter of the gift.
Estate of Davenport v. Commissioner, supra at 1185-1186; Davis v.
Natl. Bank of Tulsa, supra at 486; Barry v. Phillips, supra at
1045; Frazier v. Okla. Gas & Elec. Co., supra at 14; see also
sec. 25.2511-2(b), Gift Tax Regs. (a gift is complete only when
the donor “has so parted with dominion and control as to leave in
him no power to change its disposition, whether for his own
benefit or for the benefit of another”). Whether the donor has
parted with dominion and control and is powerless to change the
disposition of the property is governed by State law. Estate of
Dillingham v. Commissioner, 88 T.C. 1569, 1575-1576 (1987), affd.
903 F.2d 760 (10th Cir. 1990); Estate of Cummins v. Commissioner,
T.C. Memo. 1993-518.
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