‘Standard Form’ FLP Fails to Establish Nontax Purpose

Business Valuation UpdateVol. 17 No. 11
Legal and Court Case Update
November 2011
6733 Trusts, Except Educational, Religious, and Charitable
federal taxation

Estate of Turner v. Commissioner (I)
2011 WL 3835663 (U.S. Tax Court)
August 30, 2011
US
Federal Court
United States Tax Court
Willis Investment Counsel
Marvel

Summary

Tax Court includes full value of family limited partnership assets in the gross estate after finding that their nature (passive investments in cash and marketable securities) provided no legitimate, nontax reason for their consolidation or management.

See Also

Estate of Turner v. Commissioner (I)

Tax Court includes full value of family limited partnership assets in the gross estate after finding that their nature (passive investments in cash and marketable securities) provided no legitimate, nontax reason for their consolidation or management.