- 93 -
according to the definition of the term “fair market value” in
the assignment agreement, which is the same definition in the
Federal gift tax regulations.1 Thus, the aggregate fair market
value of the aggregate assignee percentage interests transferred
to petitioners’ children and the trusts, as determined by the
majority opinion (i.e., $9,269,089), exceeds the aggregate fair
market value of such interests that petitioners transferred to
those donees in the assignment agreement (i.e., $6,910,933).
Such a result is rejected by and violates that agreement.2
FOLEY, J., agrees with this concurring in part and
dissenting in part opinion.
1According to the majority opinion, the fair market value of
the 1.49712307-percent assignee interest allocated to the
Symphony is $179,724. Majority op. p. 64. However, under the
assignment agreement, petitioners transferred to the Symphony a
portion of the gifted interest having an aggregate fair market
value of at most $134,000, determined according to the definition
of the term “fair market value” in the assignment agreement,
which is the same definition in the Federal gift tax regulations.
2The same is true of the result with respect to the Symphony
under the majority opinion’s analysis.
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