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OPINION
JACOBS, Judge: This matter is before the Court on
petitioners' motion for partial summary judgment, filed pursuant to
Rule 121.1 Petitioners contend that they are entitled to partial
summary judgment that section 2704(b) is not applicable in valuing
the limited partnership interests that they transferred to their
grantor retained annuity trusts and to their children during 1994
and 1995.2 For the reasons set forth below, we will grant
petitioners' motion.
Background3
Baine P. Kerr and Mildred C. Kerr were married in 1942 and
have four adult children, Baine P. Kerr, Jr., John Caldwell Kerr,
James Robinson Kerr, and Mary Kerr Winters (the Kerr children). The
1 All Rule references are to the Tax Court Rules of
Practice and Procedure. Unless otherwise indicated, all section
references are to the Internal Revenue Code, as amended.
2 Petitioners also moved for partial summary judgment
that their interests in the grantor retained annuity trusts were
“qualified interests” within the meaning of sec. 2702(b).
Respondent subsequently conceded the point, and we issued an
order granting so much of petitioners' motion for partial summary
judgment as pertained to that issue.
3 The following summary of the relevant facts is based on
the parties' stipulations with attached exhibits and other
pertinent materials in the record. They are stated solely for
the purpose of deciding the pending motion and are not findings
of fact for this case. See Rule 1(a); Fed. R. Civ. P. 52(a).
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Last modified: May 25, 2011