- 13 - when applied in large numbers of cases, although discrepancies inevitably arise in individual cases.” Bank of Cal. v. United States, supra at 760. Moreover, the experts did not provide an opinion as to the application of the tables with regard to annuities but merely valued the partnership as though the lottery payments’ lack of marketability, or other circumstances, warranted a departure from the tables. As noted above, we have already addressed the issue of whether the lack of marketability inherent in the lottery payments would warrant departure. The facts here are substantially similar to those in Estate of Gribauskas v. Commissioner, 116 T.C. 142 (2001). The only significant factual difference is that here a partnership, rather than an individual, owned the right to receive the lottery payments. Here, decedent won the lottery and shared the prize with Newby. The lottery payments could not be assigned or transferred without a court order, they could not be distributed in one lump sum, and they were funded through investments in U.S. Government bonds. Additionally, the valuation dates are similar with regard to the applicable statutes, regulations, and caselaw. In the context of resolving the narrow dispute as framed by the parties concerning the value of the partnership’s right to the lottery payments, there is no difference between a right to receive lottery payments that is owned by a partnership in which decedent owned an interest and an identical right to receivePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011