Well-Planned FLP Survives IRS Challenge

Business Valuation UpdateVol. 18 No. 6
Legal and Court Case Update
June 2012
6733 Trusts, Except Educational, Religious, and Charitable
525920 Trusts, Estates, and Agency Accounts
federal taxation

Estate of Kelly v. Commissioner
T.C. Memo 2012-73
March 19, 2012
US
Federal Court
Federal
United States Tax Court
None
Foley

Summary

Tax Court excludes the value of family limited partnership assets from the decedent’s gross estate, finding that her desires to ensure an equal distribution of the assets to her heirs as well as manage the properties were legitimate, nontax reasons to tra ...

See Also

Estate of Kelly v. Commissioner

Tax Court excludes the value of family limited partnership assets from the decedent’s gross estate, finding that her desires to ensure an equal distribution of the assets to her heirs as well as manage the properties were legitimate, nontax reasons to tra ...