Adams v. U.S. (II)

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July 5, 2000

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estate and gift taxation
net asset value, discount for lack of marketability (DLOM), estate tax, assignee interest, partnership dissolution, portfolio discount
Adams v. United States (II)
218 F.3d 383, 2000 U.S. App. LEXIS 15593
US
Federal Court
5th Circuit
United States Court of Appeals
Wiener

Summary

At issue is whether discounts for lack of control, lack of marketability, and poor portfolio diversity are applicable when appraising the value of an assignee's fractional interest in a Texas general partnership for estate tax purposes.

See Also

Assignee's Interest in Partnership May Require Discounting

Legal and Court Case Update
December 2000

The issue in this estate tax matter is whether discounts for lack of marketability, minority status, and poor portfolio diversity should be applied in valuing the decedent's 25% interest in a Texas general partnership, which decedent held as an assignee.