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the entire value of the joint tenancy was included in the estate
except for that portion attributable to the consideration
supplied by the surviving joint tenant. Respondent argues that
section 2044 provides a similar "artificial inclusion" for the
assets held in the QTIP trust, concluding that the analysis in
Estate of Young compels a valuation of the FOH shares as if
decedent owned the whole block.
Section 2040(b) explicitly sets forth a special rule of
valuation for joint tenancy property, but this special rule only
applies to section 2040; section 2044 contains no such directive.
The absence of such language in section 2044, which was enacted
in the same tax act as section 2040(b), belies respondent's
argument that Congress mandated or intended a special rule of
valuation to apply to property included in a decedent's estate
pursuant to section 2044(a).
Issue 2
Based on our conclusion that the two blocks of FOH shares
should not be aggregated, we must determine the fair market value
of the FOH stock at decedent's death.
Valuation is a question of fact, so we must weigh all
relevant evidence to draw the appropriate inferences. Ahmanson
Found. v. United States, 674 F.2d 761, 769 (9th Cir. 1981);
Estate of Andrews v. Commissioner, 79 T.C. at 940. The fair
market value of stock listed on an established securities market
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