United States Fifth Circuit

Restrictions in partnership agreements are not "applicable restrictions" to be disregarded under Internal Revenue Code section 2704(b). Thus, the special valuation rule in that section does not apply to valuations of the partnership interests transferred, and taxpayers' marketability discounts on the transferred interests are entirely appropriate.

Appellate Information

• Decided 06/10/2002
• Published 06/10/2002

Judges

• DUHÉ, Circuit Judge:, Before DUHÉ, BARKSDALE and DENNIS, Circuit Judges.

Court

• United States Fifth Circuit

Counsel

• For Appellant:
  
• John W. Porter (argued), Baker Botts, Houston, TX, for the Kerrs., Ann Wray Johnson Muoio, Jonathan S. Cohen (argued), U.S. Dept. of Justice, Tax Div., Charles Casazza, Clerk, U.S. Tax Court, Richard W. Skillman, Chief Counsel, Internal Revenue Service, Eileen J. O'Connor, Asst. Atty. Gen., U.S. Dept. of Justice, Washington, DC, for C.I.R.