Jack A. Upchurch - Page 3

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          summary judgment may be granted only if it is demonstrated that             
          no genuine issue exists as to any material fact, and a decision             
          may be entered as a matter of law.  Rule 121(b); Sundstrand Corp.           
          v. Commissioner, 98 T.C. 518, 520 (1992), affd. 17 F.3d 965 (7th            
          Cir. 1994).                                                                 
               We conclude that there is no genuine issue as to any                   
          material fact and that a decision may be rendered as a matter of            
               Some of the facts have been stipulated and are so found.               
          The stipulation of facts and related exhibits are incorporated              
          herein by this reference.                                                   
               At the time he filed the petition, petitioner resided in               
               During 1996, petitioner owned an interest in a partnership             
          known as the Upchurch Family Limited Partnership.  This                     
          partnership was to contribute a parcel of real estate to another            
          partnership, which would then use that parcel and an adjacent               
          parcel for a large scale mixed-use development project.  On                 
          December 26, 1996, petitioner made gifts to his daughter, Jill,             
          of a 29-percent interest in the Upchurch Family Limited                     
          Partnership and $10,000 cash.  On the same date, petitioner also            
          made gifts of a 31-percent interest in the Upchurch Family                  
          Limited Partnership to his son, Jack, and a 31-percent interest             

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