- 69 -
We hold that, even if Marital Fund assets were transferred
to GFLP, the full date-of-death values of those assets are
includable in decedent’s gross estate under section 2036(a).
V. Whether the Gross Estate Should Be Reduced by the Amount of
GFLP’s Alleged Debt to Decedent
The estate listed as an asset of the estate a note
receivable from GFLP to decedent. Petitioner argues that if we
include all of the Marital Fund assets allegedly transferred to
GFLP in decedent’s gross estate under sections 2033 and
2041(a)(2), “it is factually impossible for * * * [decedent] to
owe to herself $46,664”. Respondent argues that although the
estate has never explained or substantiated the transactions
generating the alleged debt GFLP owes to decedent, the gross
estate should not be reduced by that amount because the expert
witnesses testified at trial that the $46,664 amount was already
taken into account in both petitioner’s and respondent’s
determinations of the net asset value of the gross estate.
We concluded earlier in this opinion that petitioner has not
proven that decedent contributed or sold any of her own assets to
GFLP with the expectation that GFLP would repay her. A
conclusion that the amount of GFLP’s alleged debt to decedent is
includable in the gross estate would be inconsistent with our
findings of fact in this case. The existence of the alleged debt
depends, in the first instance, upon a finding that the Marital
Fund assets had been transferred to GFLP. Our primary finding is
Page: Previous 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 Next
Last modified: November 10, 2007