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

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.

11th Circuit Disregards Changeable Buy-Sell Agreement, but Insurance Proceeds Used for Buyout Not Included in Value

As reported in the August 2004 issue of Business Valuation Update, the issue in this estate tax case was the value of George Blount’s (decedent’s) interest in a closely held company on the date of his death.

Transfer of Residence to Partnership Disregarded Under Sec. 2036

The Tax Court determined that sec. 2036(a) applied to recapture of the value of a residence transferred to a general partnership and leased to the decedent.

Robertson v. U.S.

Court accepts the net asset value and market approaches to valuing limited partnership interests, with discussion of discounts for lack of marketability, lack of control, and need for hard data.

Mark W. Senda and Michele Senda v. CIR (Senda II)

The U.S. Court of Appeals for the Eighth Circuit determined that a transfer of publicly stock to a family limited partnership (FLP) made close in time to a gift of FLP interests was an indirect gift of the pro rata share of the public stock for gift tax p ...

Standard Valuation Discounts Denied Where Limited Partnership Transaction Is Consolidated for Tax Purposes

The U.S. Court of Appeals for the 8th Circuit determined that a transfer of public stock to a family limited partnership (FLP) made close in time to a gift of FLP interests was an indirect gift of the pro rata share of the public stock for gift tax purposes.

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

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).

Estate of Winifred Hughes v. CIR

The U.S. Tax Court determined that the amount paid on a demand note after the death of the decedent was not deductible under sec. 2053 as a claim against the estate because the transaction was not bona fide nor completed at arm’s-length. In reaching this ...

Presence of Independent Valuation One Factor in Determining Whether Note Transaction Was Bona Fide

The U.S. Tax Court determined that the amount paid on a demand note after the death of the decedent was not deductible under sec. 2053 as a claim against the estate because the transaction was not bona fide nor completed at arm’s-length.

Davis v. United States

Court assesses whether fair market value of non-marketable annuity varies from present value of IRC annuity tables ...

Estate of Doris F. Kahn v. CIR

The full Tax Court concluded that a discount was not applicable to individual retirement accounts (IRAs) to account for the built-in gains that would be taxable to estate or beneficiaries upon their distribution. It rejected various analogies to lottery p ...

No Discounts Applicable to IRAs

The full Tax Court concluded that a discount was not applicable to individual retirement accounts (IRAs) to account for the built-in gains that would be taxable to estate or beneficiaries upon their distribution.

Estate of Blount v. Commissioner (II)

The issue in this estate tax case was the value of George Blount’s (decedent’s) interest in a closely held company on the date of his death.

United States of America v. Gordon E. Davenport

he U.S. District Court for the Southern District of Texas excluded an expert’s valuation because it failed to take into account the fact that the donor of the gifted stock did not have clear title to that stock because the stock was the subject of estate ...

Value of Gifted Stock Must Incorporate Effect of Clouded Title

The U.S. District Court for the Southern District of Texas excluded an expert’s valuation because it failed to take into account the fact that the donor of the gifted stock did not have clear title to that stock.

Estate of Webster E. Kelley v. CIR

The U.S. Tax Court determined the appropriate lack of marketability and minority interest discounts to apply to an interest in a family limited liability partnership holding cash and certificates of deposit. The minority discount was based on the arithme ...

Estate of Kelley v. Commissioner

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).

Keller v. United States (I)

In this estate tax case, portions of an appraisal report were challenged as inadmissible.

Sec. 2036 Exception Requires Case-By-Case Analysis

The U.S. District Court for the Southern District of Texas denied the government’s motion for summary judgment on the issue of the applicability of sec. 2036 to look through a FLP.

Rayford L. Keller v. United States of America

The U.S. District Court for the Southern District of Texas denied the government’s motion for summary judgment on the issue of the applicability of sec. 2036 to look through a FLP. It determined that Kimbell and Strangi require a case-by-case analysis of ...

Hypothetical Partition Discount Is Insufficient for Fractionalized, Noncontrolling Interests

In this estate tax case, the issue was whether the IRS' position in applying discounts to fractional, noncontrolling interests in timberland was justified for purposes of determining whether taxpayers were entitled to administrative and litigation costs.

5th Circuit Affirms Tax Court’s Application of § 2036 to FLP Assets

In this last installment of the Strangi case, the 5th Circuit affirmed the Tax Court’s decision on remand that Strangi had retained enjoyment of the assets he had transferred to Strangi Family Limited Partnership (SFLP) and Stranco, Inc. through an implied agreement, and, thus, that the transferred assets were properly included in his estate under IRC Section 2036(a) for estate tax purposes.

Another FLP Bites the 2036 Bullet

In this estate tax case, the issue was whether the value of assets contributed to a family limited partnership (FLP) was includable in the decedent’s gross estate; the Tax Court held it was.

FLP Disregarded Where Decedent Retains Insufficient Funds

In this estate tax case, the issue was whether the value of real property transferred to a family limited partnership (FLP) was included in Bigelow’s (decedent’s) gross estate.

Built-In Capital Gains Liability of Small Minority Interest Should Be Discounted to Reflect Time Value of Money

The issues in this estate tax case were whether built-in capital gains tax liability should be discounted (indexed) to account for time value and the appropriate discounts for lack of marketability and control.

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