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10(...continued)
purposes of the gross estate must always be the same as
valuation for purposes of the charitable deduction.
When the valuation would be different depending on
whether an asset is held in conjunction with other
assets, the gross estate must be computed considering
the assets in the estate as a block. * * * The
valuation of these same sorts of assets for the purpose
of the charitable deduction, however, is subject to the
principle that the testator may only be allowed a
deduction for estate tax purposes for what is actually
received by the charity -- a principle required by the
purpose of the charitable deduction. [Ahmanson Found.
v. United States, supra at 772.]
See also Estate of Chenoweth v. Commissioner, supra at 1589,
where an asset was to be valued differently for gross estate
purposes than it was to be valued for marital deduction purposes;
and see 15 Mertens, Law of Federal Income Taxation, sec. 59.54,
at 154 (2002 rev.), which provides as follows:
for estate tax valuation purposes a block of stock may
be treated as a single controlling block of stock, even
though the block is bequeathed to the decedent’s
survivors and his spouse in separate parts. * * *
However, for purposes of the estate tax marital
deduction valuation, the portion of the same decedent’s
interest in the company that passes to his surviving
spouse should be treated as a separate minority
interest and discounted accordingly. [Fn. refs.
omitted.];
and Lavoie, 831-2d Tax Mgmt. (BNA), “Valuation of Corporate
Stock”, at A-62 (1998), which provides as follows:
If a decedent dies owning a controlling interest
in a corporation, then the stock is valued as a
controlling interest irrespective of the number or
identity of the decedent’s legatees. However, per share
value determined for purposes of inclusion in the
decedent’s gross estate does not necessarily control
the value assigned to shares for purposes of
determining allowable deductions to the estate. * * *
[Fn. ref. omitted.]
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