Estate of Albert Strangi - Page 19

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          they were transferred, instead of including previously                      
          transferred property in the transferor’s gross estate.”  Treating           
          the partnership assets, rather than decedent’s interest in the              
          partnership, as the “property” to which section 2703(a) applies             
          in this case would raise anew the difficulties that Congress                
          sought to avoid by repealing section 2036(c) and replacing it               
          with chapter 14.  We conclude that Congress did not intend, by              
          the enactment of section 2703, to treat partnership assets as if            
          they were assets of the estate where the legal interest owned by            
          the decedent at the time of death was a limited partnership or              
          corporate interest.  See also Estate of Church v. United States,            
          85 AFTR 2d 2000-804, 2000-1 USTC par. 60,369 (W.D. Tex. 2000).              
          Thus, we need not address whether the partnership agreement                 
          satisfies the safe harbor provisions of section 2703(b).                    
          Respondent did not argue separately that the Stranco                        
          shareholders’ agreement should be disregarded for lack of                   
          economic substance or under section 2703(a).                                
          Gift at the Inception of SFLP                                               
               Respondent determined in the statutory notice and argues in            
          the alternative that, if the partnership is recognized for estate           
          tax purposes, decedent made a gift when he transferred property             
          to the partnership and received in return a limited partnership             
          interest of lesser value.  Using the value reported by petitioner           
          on the estate tax return, if decedent gave up property worth in             

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