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corporate general partners’ consent. Therefore, the interests
could not be converted to cash or other property that could be
used to fund charitable activities without petitioners’
agreement. By the end of 1998, the sole asset in each FLP was
Beneco stock. Beneco did not pay any dividends before 1995, and
no dividends were paid thereafter and through the years in issue.
The decision for Beneco to pay dividends appeared to rest solely
with petitioners. Therefore, the donee-charity would likely be
relegated to waiting until the deaths of petitioners before
receiving cash or property that could be used to fund charitable
activity.
Zane and Shannon’s 1998 contribution and Rhett and Alice’s
2000 contribution consisted solely of economic interests in their
respective FLPs. It is not clear what status or role CCF played
in the respective FLPs. No express distinction was made between
limited partners and any charitable donees who held interests in
the FLPs.
The contributions were ascribed values in round dollar
amounts (e.g., $145,000) that were converted to percentages
in each FLP on the basis of the Beneco stock values petitioners
used to establish the amounts of the deductions. As described
below, the Forms 8283 attached to the returns were prepared in an
inattentive and incomplete manner.
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Last modified: March 27, 2008