Estate of Jelke v. Commissioner (I)
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.
Estate of Schutt v. Commissioner
Schutt, I, Business Trust (Schutt I) and Schutt, II, Business Trust (Schutt II), both Delaware business trusts, were formed in 1998.
Estate of Abraham v. Commissioner (II)
The First Circuit affirmed all aspects of a Tax Court determination unfavorable to the estate of Ida Abraham (the Estate).
Estate of Korby v. Commissioner
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.
Estate of Bigelow v. Commissioner (I)
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.
After-Death Event Used as Basis of Value Over Experts’ Protest
The issue in this estate tax case focuses on the value of decedent’s share of a bank.
Estate of Bongard v. Commissioner
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 ...
Buy-Sell Agreements Terms Dismissed, Effect Discounted
The issue in this tax case focused on the ability of the taxpayer’s restrictive buy/sell agreement to reduce the value of the family business by its terms.
Estate of Noble v. Commissioner
The issue in this estate tax case focuses on the value of decedent’s share of a bank.
Estate of HA True v. Commissioner
The issue in this tax case focused on the ability of the taxpayer’s restrictive buy/sell agreement to reduce the value of the family business by its terms.
Estate of True v. Commissioner
This 336-page estate and gift case deals with a $75,935,883 tax deficiency and $30,328,153 in associated penalties asserted by the IRS.
FLPs at Issue Under ‘Testamentary Device Test’
At issue in this estate tax case was the recognition of certain restrictions set out in the partnership agreement.
John David Smith v. United States of America
The U.S. Court of Appeals for the Fifth Circuit concluded that retirement accounts should not be discounted for potential future income taxes. It found that the income tax arising from inclusion on the beneficiaries’ taxes of the distribution as income in ...
No Discount for Future Income Taxes Permitted When Valuing Retirement Accounts
The U.S. Court of Appeals for the 5th Circuit concluded that retirement accounts should not be discounted for potential future income taxes.
FLPs Disregarded—2036(a)(1) Applied Once Again!
This appeal to the 3rd Circuit from the Tax Court, Estate of Thompson v. Commissioner, T.C. Memo. 2002-246, is another of the ongoing litigation efforts of IRS to destroy family limited partnerships as an estate planning plan.
Court Labels Experts as Unexperienced, Revalues Company Itself
The issue in this estate tax case was the value of a 20% interest in Thomas Publishing Co. (TPC), a producer and seller of industrial and manufacturing business guides and directories.
Alternate Valuation Date Appropriate for Tax and Distribution Amounts
The issue in this dispute was the selection of the valuation date by the trustee, Chemical Bank.
Turner v. Commissioner
This issue in this case is the court's denial of FLP recognition.
Related Parties’ Buy-Sell Agreement Disregarded, but Life Insurance Proceeds Included in Value
The issue in this estate tax case was the value of decedent’s interest in a closely held company on the date of his death.
Uncorroborated Debt Not Offset Against Nonoperating Asset
The issue in this case was the value of Zip Sort Inc. shares gifted by taxpayer to his children.
Ex parte communications don’t invalidate summons
Ex parte communications don’t invalidate summons ...
5th Circuit Holds LLC and Limited Partnership Transfers Were Bona Fide
In this estate tax case, the 5th Circuit vacated and remanded the district court’s granting of summary judgment to the Commissioner on the grounds that the transfer under IRC §2036 was a bona fide sale for full and adequate consideration.
Court Not Required to Reflect Subsequent Events
At issue in this appeal was the use of subsequent events in valuing the closely held stock of Schwan’s Sales Enterprises Inc. (SSE).
Estate of Thompson v. Commissioner (I)
At issue in this case was the fair market value of Thomas Publishing stock.
Mark W. Senda and Michele Senda v. CIR (Senda I)
The U.S. Tax Court determined that the limited partnership form should be disregarded for gift tax purposes when the contribution of property occurred on the same day as gifts of limited partnership units from the contributor to his children and where the ...