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fractional interest discount to reflect the fact that a willing
buyer would pay less for the undivided interest in the leased
land that petitioner transferred. These discounts are
attributable to the nature of the property transferred by the
donor. They are not attributable to restrictions imposed by the
terms of the conveyance. See Citizens Bank & Trust Co.
v. Commissioner, 839 F.2d 1249 (7th Cir. 1988). In my view,
neither of these discounts is inconsistent with section 25.2511-
2(a), Gift Tax Regs., and the corresponding case law which
require that the gift be measured by the value of the property
passing from the donor, and not by what the donee receives.
See, e.g., Ahmanson Found. v. United States, 674 F.2d 761, 767-
769 (9th Cir. 1981).
CHABOT, COLVIN, HALPERN, and THORNTON, JJ., agree with this
concurring opinion.
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