7th Circuit Affirms Tax Court; Gifts Were of Future Interests

Business Valuation UpdateVol. 9 No. 9
Legal and Court Case Update
September 2003

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0811 Timber Tracts
111421 Nursery and Tree Production
estate and gift taxation
gift tax, limited liability company, pass-through entity
Hackl v. Commissioner (II)
2003 U.S. App. LEXIS 13936
July 11, 2003
US
Federal Court
7th Circuit
United States Court of Appeals
Evans

Summary

This opinion is the 7th Circuit Court of Appeals’ ruling on appeal from the Tax Court opinion of Hackl v. Commissioner, 118 T.C. 279 (U.S. Tax Ct. 2002).

See Also

Hackl v. Commissioner (II)

Full Text of Court Cases
July 11, 2003

Issue was whether restrictions on transfer in operating agreement meant that the gifted shares were "essentially without immediate value to the donees."