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interests transferred to the charitable organizations. There is
no factual, legal, or logical basis for this conclusion.
A. The Gift Was Complete on January 12, 1996
The value of the transferred property and the amount of the
transferor’s charitable deduction are determined as of the date
the gift became complete. Sec. 2512(a). Pursuant to Texas law,
the transfer became complete on January 12, 1996, the date
petitioners and the donees executed the assignment agreement. In
fact, respondent states:
It is undisputed that the January 12, 1996 Assignment
Agreement was executed by competent donors, evidenced the
donors’ present intent to irrevocably divest themselves of
ownership of the partnership interests, delivered to the
partnership, and signed and accepted by donees competent to
receive such a transfer. Accordingly, the Assignment
Agreement effected the present transfer under Texas law of
beneficial and legal title to the partnership interests to
the donees. (Emphasis added.)
The Court, like petitioners and respondent, is bound by
section 2512(a), which requires us to value the property “at the
date of the gift” (emphasis added). The charitable donees and
the amount allocated to them were specifically identified, and
thus ascertainable, upon the execution of the assignment
agreement. Respondent readily acknowledges, and petitioners
undoubtedly agree, that the January 12, 1996, assignment
agreement was “signed and accepted by donees competent to receive
such a transfer.” Yet, in determining the charitable deduction,
the majority rely on the confirmation agreement without regard to
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