Estate of Reichardt v. Commissioner
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Assets transferred to FLP part of estate
Prior to his death, decedent transferred his life interest in his residence, rental properties and other real properties, and investment accounts to the Reichardt Family Trust and Reichardt ...
Assets Controlled by Decedent After Transfer to FLP Part of Estate
Prior to his death, decedent transferred his life interest in his residence, rental properties and other real properties, and investment accounts to the Reichardt Family Trust and to Reichardt Partners Ltd., a family limited partnership of which the trust was the only general partner.
Value of Assets Transferred to a Limited Partnership Is Included in Decedent’s Gross Estate
The Tax Court determined that the estate must include the value of partial interests in real property in its gross estate under IRC sec. 2036. The decedent owned interests and life interest in real property. He had the power to consume the property in w ...