![]() 2 The assets were held in an account at AIG titled “swisspartners Insurance Company SPC Ltd. Schlapfer funded the UVL Policy premium with $50,000 1 and 100 shares of EMG. XXX-X03-06 was issued bearing the same policyholder, insured lives, primary and secondary beneficiaries, and custodian as requested in the application. It also indicated that AIG Private Bank, Zurich (AIG) had been selected as custodian, meaning policy assets would be held there. Schlapfer's three children and stepchild as the secondary beneficiaries. Schlapfer as the primary beneficiaries, and Mr. Schlapfer as the policyholder, his mother, aunt, and uncle as the insured lives, Mr. Schlapfer's stated purpose for doing so was to create and fund a policy that his mother, aunt, and uncle could use to benefit his nephews, whose dad (Mr. Schlapfer applied for a LifeBridge Universal Variable Life Policy (UVL Policy) offered by swisspartners Insurance Company SPC Ltd. citizenship, and in 2008 he became a U.S. Schlapfer owned all of its issued and outstanding shares (namely, 100 shares of common stock). EMG was a Panamanian corporation that managed investments, holding marketable securities and cash. First, he started a currency trading company in the United States called Tradex. Schlapfer in 1990, and they had a son together in 1992. She and her first husband moved to the United States in 1978 and had a daughter in 1979. Schlapfer, she had been married previously. Schlapfer married his current wife, Linda Schlapfer (Mrs. His daughters returned to the United States in the mid-1990s for school. Thereafter, his first wife and their two daughters moved to Switzerland. They all lived together in the United States until 1989 when Mr. Schlapfer and his first wife had two daughters, who were born in 19. Schlapfer's immediate family, which included his mother, brother, aunt, and uncle, remained in Switzerland. Schlapfer obtained a nonimmigrant visa, which required a declaration that he did not intend to permanently reside in the United States. He moved to the United States to continue his career at Citibank. In 1979 he moved to the United States with his first wife, whom he met while working in Tokyo. While in Switzerland, he began a career in banking and finance, working at Bank Vontobel and then Citibank. He was born in Switzerland in 1950 and remained there until 1978. Ronald Schlapfer has ties to both the United States and Switzerland. Therefore, the period of limitations to assess the gift tax commenced when the return was filed and because the Commissioner issued the notice of deficiency more than three years after the filing, the Commissioner is barred from assessing gift tax. The documents he attached to, and referenced in, his return provided the Commissioner with enough information to satisfy adequate disclosure. Schlapfer adequately disclosed the gift on his 2006 gift tax return. But the adequate disclosure of a completed gift on a gift tax return will commence the running of the period of limitations for assessment of gift tax on the transfer even if the transfer is ultimately determined to be an incomplete gift. If no return is filed, or if the gift is not adequately disclosed on or with the gift tax return, then the Commissioner may assess at any time. The Commissioner generally has three years from the filing of a gift tax return to assess additional tax. The IRS concluded that he made the gifts in 2007, not 2006, and that because he failed to file a gift tax return for that year, he did not adequately disclose the gift to commence the period of limitations on assessment. In this packet, he included a gift tax return for 2006 that informed the IRS that he had made gifts of EMG stock to his mother, aunt, and uncle. Schlapfer submitted a disclosure packet to the Internal Revenue Service (IRS) Offshore Voluntary Disclosure Program (OVDP). Schlapfer assigned ownership of the policy to his mother, aunt, and uncle. The policy was funded by stock and cash from European Marketing Group, Inc. Ronald Schlapfer was the policyholder of a life insurance policy issued in 2006. Trebat, for respondent.īUCH, Judge: This case is before the Court on Cross-Motions for Summary Judgment. Corry, William Benjamin McClendon, and Randall S. COMMISSIONER OF INTERNAL REVENUE, Respondent
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