- 15 -
supra at 956; Kolom v. Commissioner, supra at 244. Thus, the
limited partnership interests received by Mr. Prechel and
Ms. Prechel must be valued as assignee interests.
There are, however, no subjective factors to consider when
determining whether Mr. Prechel will be a general partner with
respect to the general partnership interest assigned to him. The
partnership agreement automatically treats him as a general
partner. Accordingly, the general partnership interest received
by Mr. Prechel should be valued as a general partnership
interest. No general partnership interests passed to
Ms. Prechel.
Petitioner's motion for partial summary judgment will be
granted in part and denied in part, and respondent's motion for
partial summary judgment will be granted in part and denied in
part.
To reflect the foregoing,
An appropriate order will
be issued.
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