Court Uses Raw Data From Bajaj Study to Determine DLOM

Business Valuation UpdateVol. 9 No. 11
Legal and Court Case Update
November 2003
6733 Trusts, Except Educational, Religious, and Charitable
525920 Trusts, Estates, and Agency Accounts
estate and gift taxation
family limited partnership (FLP), restricted stock study, discount for lack of marketability (DLOM), fair market value (FMV), gift tax, real estate investment trusts (REIT), guideline companies, discount for lack of control (DLOC)

Lappo v. Commissioner
T.C. Memo 2003-258
September 3, 2003
Federal Court
United States Tax Court


The only issue in this case was the fair market value of gifted family limited partnership (FLP) interests.

See Also

Lappo v. Commissioner

The issue for decision is the fair market value of interests in a family limited partnership that petitioner transferred in 1996.