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“restrictions imposed in the instrument of transfer are to be
ignored for purposes of making estate or gift tax valuations”.
Id. at 1252-1253. I conclude that the formation of SFLP and
subsequent distributions of partnership assets should be treated
as parts of a single, integrated transaction, and that the SFLP
agreement is properly viewed as a restriction included in the
testamentary conveyance to the Strangi children. Accordingly,
under Citizens Bank & Trust Co. v. Commissioner, supra, and the
other authorities previously discussed, any reduction in values
allegedly caused by the SFLP agreement should be disregarded;
under sections 2031 and 2033, the contributed property is the
property to be included and valued in the gross estate.
PARR, J., agrees with this dissenting opinion.
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