- 78 -
(3) If there was a transfer of property by Ms. Mirowski that
was not a bona fide sale for an adequate and full consideration
in money or money’s worth, (a) at the time of her death was the
enjoyment of the property transferred subject to any change
through the exercise of a power by Ms. Mirowski, alone or in
conjunction with any other person,71 to alter, amend, revoke, or
terminate within the meaning of section 2038(a)(1) or (b) did Ms.
Mirowski relinquish any such power during the three-year period
ending on the date of her death within the meaning of that
section?
Ms. Mirowski’s Transfers to MFV
Transfer of Property by Decedent
As discussed above, decedent’s estate acknowledges that Ms.
Mirowski made transfers of assets to MFV on September 1, 5, 6,
and 7, 2001. In light of that acknowledgment by decedent’s
estate, we find that Ms. Mirowski’s transfers to MFV were
transfers of property under section 2038(a)(1).
71Sec. 2038(a)(1) does not apply
If the decedent’s power could be exercised only with
the consent of all parties having an interest (vested
or contingent) in the transferred property, and if the
power adds nothing to the rights of the parties under
local law * * *
Sec. 20.2038-1(a)(2), Estate Tax Regs.
Page: Previous 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 Next
Last modified: March 27, 2008