Tax Court Finds 12% Minority Discount and 23% DLOM for Cash-Only FLP

Business Valuation UpdateVol. 11 No. 12
Legal and Court Case Update
December 2005

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estate and gift taxation
family limited partnership (FLP), income approach, discount for lack of marketability (DLOM), estate tax, fair market value (FMV), minority discount, net asset value approach (NAV), restricted stock approach
Estate of Kelley v. Commissioner
T.C. Memo 2005-235; 2005 Tax Ct. Memo LEXIS 236
October 11, 2005
US
Federal Court
United States Tax Court
Kathryn F. Patterson, Larry W. Gibbs
Ron Lint (for estate), Jeff Mills (for estate), Dr. Raymond Widmer (for IRS)
Vasquez

Summary

In April 1999, Webster Kelley and his daughter and son-in-law (the Loudens) formed Kelley-Louden Business Properties LLC (KLBP LLC), and Kelley-Louden Ltd., a family limited partnership (KLLP).

See Also

Estate of Kelley v. Commissioner

Full Text of Court Cases
October 11, 2005

In April 1999, Webster Kelley and his daughter and son-in-law ("the Loudens") formed Kelley-Louden Business Properties, LLC (KLBP LLC), and Kelley-Louden, Ltd., a family limited partnership (KLLP).