Family Limited Partnership Disregarded Where Decedent Used Partnership Funds for Personal Expenses

Business Valuation Update BVLaw
Legal and Court Case Update
May 28, 1997

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5211 Lumber and Other Building Materials Dealers
444190 Other Building Material Dealers
estate and gift taxation
estate tax
Schauerhamer v. Commissioner
T.C. Memo 1997-242, 1997 Tax Ct. Memo LEXIS 277
US
Federal Court
United States Tax Court
Foley

Summary

The Tax Court concluded that three family limited partnerships should be disregarded and the value of their assets included in the value of the decedent's gross estate under IRC sec. 2036.

See Also

Schauerhamer v. Commissioner

Full Text of Court Cases
May 28, 1997

At issue is whether the value of certain assets transferred to family partnerships is includable in the decedent's gross estate.