Court of Appeals Upholds Tax Court—Taxpayer Gifted a Percentage of Partnership Interests, Not a Fixed Amount

BVLaw
Court Case Digests
November 3, 2021

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federal taxation
estate & gift, fair market value (FMV), gift tax, partnership interest, appraiser
Nelson v Commr.
2021 U.S. App. LEXIS 32741
US
Federal Court
5th Circuit
United States Court of Appeals
King, Smith, Haynes

Summary

Taxpayer appealed a Tax Court ruling that she gifted a percentage of partnership interests and not a fixed amount of value. As a result, when the IRS determined the FMV of those interests, the Taxpayer was left with a gift tax deficiency.

See Also

Nelson v Commr.

Full Text of Court Cases
November 3, 2021

Taxpayer appealed a Tax Court ruling that she gifted a percentage of partnership interests and not a fixed amount of value. As a result, when the IRS determined the FMV of those interests, the Taxpayer was left with a gift tax deficiency.

This article also appears in:
Business Valuation UpdateVol. 28 No. 1