- 62 -
undivided interests in the leased property. Petitioner never
transferred 25-percent fractional interests in the leased
property. His sons never received or owned 25-percent undivided
interests in the leased property. Indeed, no such fractionalized
interests ever existed. After the transfer, the partnership held
the same property interest that petitioner held before the
transfer; there was no fractionalization of ownership; and the
partnership could have sold the leased property for the same fair
market value that petitioner could have realized. Nevertheless,
the majority values the leased property by giving a discount for
hypothetical fractional interests that never existed. On this
point, the majority is in error.
VASQUEZ and MARVEL, JJ., agree with this concurring in part
and dissenting in part opinion.
Page: Previous 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 NextLast modified: May 25, 2011