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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).
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