ESTATE OF TURNER v. COMMISSIONER OF INTERNAL REVENUE
T.C. Memo. 2011-209
ESTATE OF CLYDE W. TURNER, SR., DECEASED, W. BARCLAY RUSHTON, EXECUTOR, Petitioner,
COMMISSIONER OF INTERNAL REVENUE, Respondent.
Docket No. 18911-08.
United States Tax Court.
Filed August 30, 2011.
MEMORANDUM FINDINGS OF FACT AND OPINION
Respondent determined a Federal estate tax deficiency of $659,912 with respect to the Estate of Clyde W. Turner, Sr. (estate). The primary issue for decision is whether the value of property Clyde W. Turner, Sr. (Clyde Sr.) transferred to Turner & Co., a family limited partnership, is included in his gross estate under section 2035, 2036, or 2038.1 We must also decide whether Clyde Sr. made additional taxable gifts that are included in his gross estate.FINDINGS OF FACT
Some of the facts have been stipulated. We incorporate the stipulation of facts, the first supplemental stipulation of facts, and the second supplemental stipulation of facts into our findings by this reference.
Clyde Sr. resided in Georgia when he died testate on February 4, 2004. Clyde Sr.'s longtime accountant, W. Barclay Rushton (Mr. Rushton), was appointed executor of the estate. When the petition on behalf of the estate was filed, Mr. Rushton resided in Georgia.