12. Determination dates.
If possible, each transfer of
property by a donor to the Pool and each withdrawal from the
Pool as a result of the transfer of the remainder interest in
any property of the Pool shall be made only on a determination
date of the fair market value of all property held by the Pool.
A determination date means each day within the taxable year
of the Pool on which a valuation is made of the property in the
Pool. The property of the Pool shall be valued on the first
day of the taxable year and on the first day of the fourth,
seventh and tenth months of the taxable year. If a transfer
of property to the Pool by a donor occurs on other than a
determination date, the number of units of participation
assigned to the income interest in such property shall be
determined by using the average fair market value of the
property in the Pool immediately before the transfer, which
shall be deemed to be the average of the fair market values
of the property in the Pool on the determination dates immediately
preceding and succeeding the date of transfer. For the
purpose of determining such average fair market value, the property
transferred by the donor and any other property transferred
to the Pool between such preceding and succeeding dates, or on
such succeeding date, shall be excluded. The fair market value
of a unit in the Pool immediately before the transfer shall be
determined by dividing the average fair market value of the
property in the Pool at such time by the number of units then in
the Pool.
