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12. Determination dates.

If possible, each transfer of property by a donor to the Pool and each withdrawal from the


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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.