Estate of John Kenly, Deceased, Betty B. Kenly, Personal Representative - Page 24

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            that the Bard property was decedent’s separate property at the                                
            time of his death.                                                                            
                  E.  Conclusion                                                                          
                  The New Mexico ranch was decedent's separate property.                                  
            Petitioner has not persuaded us that the character of either that                             
            property or the successor properties changed during decedent's                                
            lifetime.  Therefore, decedent's interest in the Bard property                                
            was decedent's separate property on the date of his death, and                                
            therefore the value of that property is includable in his gross                               
            estate.  Petitioner received a one-third interest in that                                     
            property under the intestate succession laws of the State of                                  
            California, and only the value of that one-third interest is                                  
            deductible in computing the taxable estate.                                                   

                                                              Decision will be entered                    
                                                        under Rule 155.                                   

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