Two Cases Question FLPs as Estate Planning/Asset Protection Devices

Business Valuation UpdateVol. 13 No. 7
Legal and Court Case Update
July 2007
estate and gift taxation

In re Estate of Berry
2007 Pa. Commw. LEXIS 182
April 24, 2007
US
State Court
Pennsylvania
Court of Appeals
James Vincent (estate)
Flaherty

Summary

IRS allowed 33% combined discount for FLP—but court rules that state (Pennsylvania) Department of Revenue does not have to defer to IRS calculations to disallow discount.

See Also

In re Estate of Berry

IRS allowed 33% combined discount for FLP—but Court rules that state (Penn.) Department of Revenue does not have to defer to IRS calculations to disallow discount.