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CHIECHI, J., concurring in part and dissenting in part: I
concur in result with respect to the portions of the majority
opinion under the headings “IV. Extent of the Rights Assigned”
and “VII. Effect of Children’s Agreement To Pay Estate Tax
Liability”.
I cannot responsibly cast an affirmative vote with respect
to the portion of the majority opinion under the heading “V.
Fair Market Value of the Gifted Interest”. The determination of
fair market value is a factual determination and is necessarily a
matter of judgment and approximation. See, e.g., Estate of Davis
v. Commissioner, 110 T.C. 530, 537 (1998). I am not in a
position to state that I agree with every judgment and every
approximation made by the majority opinion in determining the
fair market value of the gifted interest. Moreover, because
valuation is a factual matter and necessarily an approximation
and a matter of judgment, I do not believe that the Court is
bound in other cases by the judgments and approximations in the
majority opinion.
I dissent from the portion of the majority opinion under the
heading “VI. Charitable Contribution Deduction for Transfer to
CFT” and from the ultimate holding of the majority opinion under
the heading “VIII. Conclusion”. Although I join Judge Foley’s
dissent, I write separately to express additional reasons for my
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