Estate of Gladys J. Cook - Page 13

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          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 receive                

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