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section 2038(a)(1) as to (1) whether at the time of Ms.
Mirowski’s death the enjoyment of the property transferred was
subject to any change through the exercise of a power by Ms.
Mirowski, alone or in conjunction with any other person, to
alter, amend, revoke, or terminate or (2) whether Ms. Mirowski
relinquished any such power during the three-year period ending
on the date of her death.
Based upon our examination of the entire record before us,
we hold that section 2038(a)(1) does not apply to Ms. Mirowski’s
transfers to MFV.
Ms. Mirowski’s Gifts
Transfer of Property by Ms. Mirowski
As discussed above, decedent’s estate acknowledges that Ms.
Mirowski’s respective gifts of 16-percent interests in MFV to her
daughters’ trusts on September 7, 2001, were transfers of
property. In light of that acknowledgment by decedent’s estate,
we find that Ms. Mirowski’s gifts were transfers of property
under section 2038(a)(1).
Transfer Other Than a Bona Fide Sale for an Adequate
and Full Consideration in Money or Money’s Worth
Decedent’s estate also acknowledges that Ms. Mirowski’s
gifts were not bona fide sales for adequate and full
consideration in money or money’s worth under section 2038(a)(1).
In light of that acknowledgment by decedent’s estate, we find
that Ms. Mirowski’s gifts were not bona fide sales for adequate
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