Independent Appraisal Needed to Overcome Presumption of Donative Intent

Business Valuation Update BVLaw
Legal and Court Case Update
September 23, 1997

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2086 Bottled and Canned Soft Drinks and Carbonated Waters
312111 Soft Drink Manufacturing
estate and gift taxation
Estate of Mary D. Maggos (Maggos I) v. CIR
T.C. Memo. 1997-431
US
Federal Court
United States Tax Court
Laro

Summary

The Tax Court rejected taxpayer's motion for summary judgment on gift tax liability resulting from a redemption of a majority interest in a corporation's stock.

See Also

Estate of Mary D. Maggos (Maggos I) v. CIR

Full Text of Court Cases
September 23, 1997

The Tax Court rejected taxpayer's motion for summary judgment on gift tax liability resulting from a redemption of a majority interest in a corporation's stock. The transaction left the decedent's son as the sole shareholder of the corporation. The IRS d ...