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therein held as joint tenants with right of survivorship by the
decedent and any other person". (Emphasis added.) While
petitioner categorizes section 2031 as the only section to
determine value and section 2040 as a mere inclusion section, we
conclude that determining value is dependent on examining both
section 2031 and section 2040.
Section 2031 provides the starting point, but it is very
broad. In section 2031's accompanying regulations, we learn that
value is determined by looking at the willing buyer and the
willing seller, which then needs to be considered in conjunction
with sections 2033 through 2044. Sec. 20.2031-1(b), Estate Tax
Regs.
In light of this definition of value, (i.e., the willing
buyer and the willing seller), we go to section 2040. In section
2040, Congress provided an explicit approach to valuing joint
tenancy to be included in the decedent's gross estate. Unlike
section 2033 which looks to the actual interest held by the
decedent alone (i.e., one-half, one-third, or one-fourth
interest), section 2040(a) starts with the inclusion of the
entire value of the joint tenancy property held by the decedent
and any other person in the gross estate of the first joint
tenant to die, and the amount to be excluded from the decedent's
gross estate is proportionate to the consideration furnished by
the surviving joint tenant. If part of the value of the property
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