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FOLEY, J., dissenting: The majority relies on Kincaid v.
United States, 682 F.2d 1220, 1226 (5th Cir. 1982), where the
court held that Mrs. Kincaid made a gift through an
“unequal exchange [that] served to enhance the value of her sons’
voting stock”. The opinion, however, states: “Nor do we agree
with petitioner’s contention that his transfers should be
characterized as enhancements of his sons’ existent partnership
interests.” Majority op. p. 16. The holding in this case is
premised on Kincaid. The majority opinion, however, rejects
petitioner’s contention, which is the essence of the Kincaid
holding, and fails to explain why the result in this case should
be different from that in Kincaid. Accordingly, I respectfully
dissent.
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