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          equal, or approximately equal, to the value of the corresponding              
          underlying assets,1 that would not be legal justification for                 
          applying the economic substance doctrine and disregarding the                 
          partnership.  Whether “the form of the transaction here (the                  
          creation of the partnership) would be taken into account by a                 
          willing buyer” is not a relevant consideration in determining                 
          whether the entity must be respected for transfer tax purposes.               
          Our assessment of the property rights transferred is a State law              
          determination not affected by the “willing buyer, willing seller”             
          valuation analysis.  Sec. 20.2031-1(b), Estate Tax Regs. (stating             
          that the fair market value of property is “the price at which the             
          property would change hands between a willing buyer and a willing             
          seller”).  In essence, that analysis assists the Court in                     
          determining the value of partnership interest after the Court                 
          establishes whether the entity is recognized under State law.                 
               The determination of whether or not the partnership should               
          be respected is independent of the value of the partnership                   
          interest.  The logical inference from the majority’s statements,              
          however, is that a partnership could be disregarded for lack of               
          economic substance if a hypothetical willing buyer would not                  
          respect the partnership form.  This language may mislead                      
               1  The value of the partnership interest and its                         
          corresponding underlying assets will not be equal because                     
          virtually any binding legal restriction will make such                        
          partnership interest less than the value of its corresponding                 
          underlying assets.                                                            
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