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These principles are equally applicable to the case before
us. Analysis of section 2044 and the accompanying regulations
thereunder does not indicate that Congress intended that property
interests includable under section 2044 should be merged or
aggregated with interests in the same property included in the
estate pursuant to section 2038 for purposes of determining
Federal estate tax value. Section 2044 provides only that the
value of property in the gross estate shall include property in
which the decedent had a qualifying income interest for life and
that the inclusion of such property shall be at its fair market
value. Sec. 20.2044-1(d), Estate Tax Regs. Section 2044(c)
treats QTIP property as "passing from the decedent" but does not
indicate that the decedent should be treated as the owner of such
property for purposes of aggregation. Thus, the partnership
interests included pursuant to section 2038 and section 2044
should be valued separately.
Issue 2
The second issue for decision is whether the interests in
the two partnerships passing at death should be valued for
Federal estate tax purposes as "assignee" interests or as
partnership interests.
The Federal estate tax is a tax on the privilege of
transferring property upon one's death. United States v.
Manufacturers Natl. Bank of Detroit, 363 U.S. 194, 198 (1960).
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