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adequate and full consideration in the form of a proportionate
MFV interest.” On the record before us, we reject respondent’s
contention. Ms. Mirowski made two separate, albeit integrally
related, transfers of property that are at issue in this case,
namely, Ms. Mirowski’s transfers to MFV of certain assets on
September 1, 5, 6, and 7, 2001, and Ms. Mirowski’s respective
gifts of 16-percent interests in MFV to her daughters’ trusts on
September 7, 2001. In return for Ms. Mirowski’s transfers to
MFV, Ms. Mirowski received and held 100 percent of the interests
in MFV. In return for Ms. Mirowski’s respective gifts to her
daughters’ trusts, Ms. Mirowski received and held nothing.53
On the record before us, we find that Ms. Mirowski received
an interest in MFV proportionate to the value of the assets that
she transferred to it on September 1, 5, 6, and 7, 2001. On that
record, we also find that Ms. Mirowski’s capital account was
properly credited with the assets that she transferred to it on
September 1, 5, 6, and 7, 2001, and that, in the event of a
liquidation and dissolution of MFV, Ms. Mirowski had the right to
a distribution of property from MFV in accordance with her
capital account.
53Decedent’s personal representatives timely filed Form 709
for 2001 on behalf of decedent, in which those representatives
reported Ms. Mirowski’s gifts. The parties have resolved their
dispute relating to the total value of those gifts.
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Last modified: March 27, 2008