Valid Nontax Purpose for Transfer to Holding Company Does Not Save Subsequent Transfer to FLP

Business Valuation UpdateVol. 12 No. 2
Legal and Court Case Update
February 2006

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6733 Trusts, Except Educational, Religious, and Charitable
525920 Trusts, Estates, and Agency Accounts
estate and gift taxation
family limited partnership (FLP), estate tax, holding company, section 2036
Estate of Bongard v. Commissioner
124 T.C. 95, 2005 U.S. Tax Ct. LEXIS 8
March 15, 2005
US
Federal Court
United States Tax Court
John W. Porter, Lillian D. Brigman, R. Scott Shieldes, Stephanie Loomis-Price
Goeke

Summary

This case does a good job of reviewing most of the significant decisions in this area and can serve as a minireference guide to the latest in FLP law.

See Also

Estate of Bongard v. Commissioner

Full Text of Court Cases
March 15, 2005

In this estate tax case, there were two issues: whether pursuant to IRC Sections 2035(a) and 2036(a), (b) the gross estate should have included: (1) shares Wayne Bongard (decedent) transferred to a holding company and (2) the holding company's membership ...