Estate of True v. Commissioner

Business Valuation Update BVLaw
Legal and Court Case Update
December 2, 2004

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1381 Drilling Oil and Gas Wells
213111 Drilling Oil and Gas Wells
estate and gift taxation
Estate of HA True v. Commissioner
2004 U.S. App. LEXIS 24844
US
Federal Court
10th Circuit
United States Court of Appeals
Buford P. Berry, Eileen J. O'Connor, Joan I. Oppenheimer, Jonathan S. Cohen, Katherine Quigley, Ronald M. Morris
Seymour

Summary

This 336-page estate and gift case deals with a $75,935,883 tax deficiency and $30,328,153 in associated penalties asserted by the IRS.

See Also

Estate of HA True v. Commissioner

Full Text of Court Cases
December 2, 2004

The issue in this tax case focused on the ability of the taxpayer’s restrictive buy/sell agreement to reduce the value of the family business by its terms.