5th Circuit Holds LLC and Limited Partnership Transfers Were Bona Fide

Business Valuation UpdateVol. 10 No. 7
Legal and Court Case Update
July 2004
8741 Management Services
561110 Office Administrative Services
estate and gift taxation
estate tax

Kimbell v. US
244 F.Supp. 2d 700, 2003 U.S. Dist. LEXIS 523
May 20, 2004
Federal Court
5th Circuit
United States Court of Appeals


In this estate tax case, the 5th Circuit vacated and remanded the district court’s granting of summary judgment to the Commissioner on the grounds that the transfer under IRC §2036 was a bona fide sale for full and adequate consideration.

See Also

Kimbell v. US

At issue is the transferral of assets for an interest in partnership (operated by decedent's son) was a "bona fide" sale or not, thus incurring Section 2036 consideration.