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Transfer Other Than a Bona Fide Sale for an Adequate
and Full Consideration in Money or Money’s Worth
Like section 2036(a), section 2038(a)(1) excepts from its
application any transfer of property otherwise subject to that
section which is a “bona fide sale for an adequate and full
consideration in money or money’s worth”. The respective
exceptions in sections 2036(a) and 2038(a)(1) have the same
meaning. Based upon our examination of the entire record before
us and for the reasons stated above with respect to our finding
that Ms. Mirowski’s transfers to MFV were bona fide sales for
adequate and full consideration in money or money’s worth under
section 2036(a), we find that Ms. Mirowski’s transfers to MFV
were bona fide sales for adequate and full consideration in money
or money’s worth under section 2038(a)(1). Based upon that
examination and for those reasons, we further find that the
exception under section 2038(a)(1) for a bona fide sale for an
adequate and full consideration in money or money’s worth applies
to Ms. Mirowski’s transfers to MFV.
Power To Alter, Amend, Revoke, or Terminate
the Enjoyment of the Property Transferred or
Relinquishment of Any Such Power During the
Three-Year Period Ending on the Date of Death
We have found that Ms. Mirowski’s transfers to MFV were bona
fide sales for adequate and full consideration in money or
money’s worth under section 2038(a)(1). Consequently, we need
not, and we shall not, address the factual issues presented under
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Last modified: March 27, 2008