FLPs at Issue Under ‘Testamentary Device Test’

Business Valuation UpdateVol. 10 No. 11
Legal and Court Case Update
November 2004

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estate and gift taxation
Smith v. U.S. (I)
No. 02-264 (W.D. Penn. 2004)
June 30, 2004
US
Federal Court
Pennsylvania
United States District Court
Baxter

Summary

At issue in this estate tax case was the recognition of certain restrictions set out in the partnership agreement.

See Also

Smith v. U.S. (I)

Full Text of Court Cases
June 30, 2004

A Magistrate for the U.S. District Court for the Western District of Pennsylvania determined on summary judgment that Sec. 2703(a) applied to disregard restrictions on the transfer of FLP interest contained in the FLP agreement. This was an issue of first ...