Summary
This case is the 5th Circuit Court of Appeals' review of the Tax Court case, Kerr v. Commissioner, 113 T.C. No. 30 (U.S. Tax Ct. Dec. 23, 1999), abstracted by Mel Abraham in the February 2000 issue of both Shannon Pratt's Business Valuation Update and Judges & Lawyers Business Valuation Update.
See Also
Kerr v. Commissioner (II)
Issue was whether restrictions in partnership agreements were "applicable restrictions" to be disregarded in valuing the transferred interests, precluding a marketability discount.