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respective gifts of 16-percent interests in MFV to her daughters’
trusts.
Section 2038(a)(1)
In order to resolve the parties’ dispute under section
2038(a)(1),70 we must consider the following factual issues
(1) with respect to Ms. Mirowski’s transfers to MFV and (2) with
respect to Ms. Mirowski’s gifts:
(1) Was there a transfer of property by Ms. Mirowski?
(2) If there was a transfer of property by Ms. Mirowski, was
such a transfer not a bona fide sale for an adequate and full
consideration in money or money’s worth?
70Sec. 2038(a)(1) provides:
SEC. 2038. REVOCABLE TRANSFERS.
(a) In General.--The value of the gross estate
shall include the value of all property--
(1) Transfers after June 22, 1936.--To the
extent of any interest therein of which the
decedent has at any time made a transfer (except
in case of a bona fide sale for an adequate and
full consideration in money or money’s worth), by
trust or otherwise, where the enjoyment thereof
was subject at the date of his death to any change
through the exercise of a power (in whatever
capacity exercisable) by the decedent alone or by
the decedent in conjunction with any other person
(without regard to when or from what source the
decedent acquired such power), to alter, amend,
revoke, or terminate, or where any such power is
relinquished during the 3-year period ending on
the date of the decedent’s death.
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Last modified: March 27, 2008