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e. Court’s Analysis ............ 273
2. Marketability Discounts .......... 274
a. Kimball Reports ............. 274
b. Final Lax Report ............ 275
c. Respondent’s Position .......... 275
d. Court’s Analysis ............ 275
3. Summary of Proposed Values and Court’s
Determinations of Values of Interests
in True Ranches ............. 278
F. White Stallion ................ 280
1. Marketable Minority Interest Values .... 280
a. Kimball Report ............. 280
b. Initial and Final Lax Reports ...... 280
c. Respondent’s Position .......... 281
d. Court’s Analysis ............ 281
2. Marketability Discounts .......... 284
a. Kimball Report ............. 284
b. Initial and Final Lax Reports ...... 284
c. Respondent’s Position .......... 285
d. Court’s Analysis ............ 285
3. Summary of Proposed Values and Court’s
Determinations of Values of Interests
in White Stallion ............ 287
Issue 3. Did Jean True Make Gift Loans When She Transferred
Interests in True Companies to Sons in Exchange for
Interest-Free Payments Received Approximately 90
Days after Effective Date of Transfers? ...... 288
FINDINGS OF FACT ...................... 289
OPINION ........................... 297
I. Summary of Arguments ............... 297
II. Jean True’s Sales Were Completed on Notice Dates . 300
III. Sections 483 and 1274 Do Not Prevent Below-Market
Loan Treatment Under Section 7872 ....... 308
IV. Deferred Payment Arrangements Are Below-Market
Gift Loans Subject to Section 7872 ....... 313
A. Loan ..................... 313
B. Below-Market Loan ............... 314
C. Gift Loan ................... 315
V. Amounts of the Gifts--Application of Section 7872 . 317
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Last modified: May 25, 2011