- 78 - partnership interest to an assignee, is set forth, in part, below: [A]n Assignee shall be entitled only to allocations of Profits and Losses * * * and distributions * * * which are attributable to the Assigned Partnership Interests held by the Assignee and shall not be entitled to exercise any Powers of Management nor otherwise participate in the management of the Partnership nor the control of its business and affairs. * * * As explained, the above limitations on the charitable gift transferred by petitioners to CFT are the basis for petitioners’ claimed characterization and valuation of the gift to CFT as an assignee interest in MIL, as distinguished from an MIL partnership interest, and (as petitioners themselves contend) they would appear to constitute substantive and significant limitations. Deductibility of Gifts to Charity of Partial Interests Generally, and apart from certain specified statutory exceptions noted below, where less than donors’ entire interests in property are transferred to charity, the charitable contributions--for Federal gift tax purposes, as well as for Federal income and estate tax purposes--are to be treated as partial interests and any claimed gift, income, and estate tax charitable deductions relating thereto are to be disallowed. See secs. 2522(c)(2) (gift tax disallowance), 170(f)(3) (income tax disallowance), 2055(e)(2) (estate tax disallowance).Page: Previous 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 Next
Last modified: May 25, 2011