- 41 -                                         
          regulations in place do not support a conclusion that the disputed          
          provisions in the KFLP and KILP partnership agreements constitute           
          applicable restrictions.                                                    
          Conclusion                                                                  
               In sum, we hold that petitioners transferred limited                   
          partnership interests to the GRAT’s trustees.  However, consistent          
          with the preceding discussion, we conclude that section 10.01 of            
          the partnership agreements does not contain “an applicable                  
          restriction” within the meaning of section 2704(b).  Accordingly,           
          we will grant petitioners' motion for partial summary judgment as           
          it pertains to this issue.                                                  
               To reflect the foregoing,                                              
                                                       An order granting              
                                                  petitioners’ Motion for             
                                                  Partial Summary Judgment            
                                                  will be issued as it                
                                                  relates to the section              
                                                  2704(b) issue.                      
Page:  Previous   22   23   24   25   26   27   28   29   30   31   32   33   34   35   36   37   38   39   40   41   Last modified: May 25, 2011