Kimbell v. United States
The U.S. District Court for the Northern District of Texas determined that a transfer of assets from a trust controlled by the decedent in exchange for a 99% limited partnership interest and a 50% interest in the corporate general partner was not a bona f ...
Value of Assets Transferred to Limited Partnership Must Be Included in the Gross Estate
the U.S. District Court for the Northern District of Texas considered a motion for partial summary judgment regarding a refund of estate tax.
Succession of Betty Felix Helis (Helis II) v. United States
The Federal Court of Claims determined that interest paid to the IRS under sec. 6166 and deducted by the estate under sec. 2503, but later refunded, should be added back when making the final estate accounting.
Refunded Interest Payments Made Under Sec. 6166 and Deducted Under Sec. 2503 Added Back When Making Final Estate Calculation
The Federal Court of Claims determined that interest paid to the IRS under sec. 6166 and deducted by the estate under sec. 2503, but later refunded, should be added back when making the final estate accounting.
Estate of Dailey v. Commissioner (II)
At issue is whether respondent's position relating to the valuation issue was substantially justified, and whether costs relating to the FLP issue are reasonable.
Gross Estate Includes Date-of-Death Value of Assets Transferred to Family Limited Partnership
The issue in this case was whether decedent's gross estate included the value of interests in two family limited partnerships: the Thompson Turner Family Limited Partnership ("Turner Partnership") and the Thompson Family Limited Partnership ("Thompson Partnership").
Court Judges Assessment of Risk Factors, Marketability Discount Evidence
The issue in this consolidated case was the fair market value of two minority nonvoting stock interests in Schwan's Sales Enterprises Inc. (SSE), one as of Dec. 31, 1992 (date of gift) and the other as of Dec. 31, 1994 (date of charitable contribution).
Estate of Melvine B. Atkinson v. CIR
The U.S. Court of Appeals for the Eleventh Circuit determined that an estate may not make a charitable deduction for an amount passing from a charitable remainder annuity trust (CRAT) to the charity when the CRAT regulations are not followed from formatio ...
Charitable Deduction for CRAT Denied
The U.S. Court of Appeals for the 11th Circuit considered whether an estate may make a charitable deduction for an amount passing from a charitable remainder annuity trust (CRAT) to a charity.
Gerald A. and Henrietta V. Rauenhorst v. CIR
The full Tax Court declined to permit the IRS to disavow Rev. Rul. 78-197, upon which the taxpayers relied, and, thereby, used the anticipatory assignment of income doctrine to recharacterize the transfer of warrants in a soon to be acquired corporation t ...
IRS Cannot Disavow Revenue Ruling 78-197 to Recharacterize Charitable Donation
The full Tax Court considered whether the anticipatory assignment of income doctrine should be applied to recharacterize the transfer of warrants to four charitable organizations.
5th Circuit Orders Dollar-for-Dollar Reduction for Built-In Capital Gains in Asset-Based Valuation
This case comes on appeal to the 5th Circuit Court of Appeals from Estate of Dunn v. Commissioner , T.C. Memo 2000-12, 79 T.C.M. (CCH) 1337 (Jan. 12, 2000), which was abstracted in the March 2000 issue of the Business Valuation Update.
Estate of Thompson v. Commissioner
The issue in this case was whether decedent's gross estate included the value of interests in two family limited partnerships.
Estate of Bradford v. Commissioner
The sole issue for redetermination is the amount of the charitable deduction under section 2055(a) of the Internal Revenue Code.
5th Circuit Affirms Kerr; Partnership Agreement Restrictions Do Not Preclude Marketability Discount
This case is the 5th Circuit Court of Appeals' review of the Tax Court case, Kerr v. Commissioner, 113 T.C. No. 30 (U.S. Tax Ct. Dec. 23, 1999), abstracted by Mel Abraham in the February 2000 issue of both Shannon Pratt's Business Valuation Update and Judges & Lawyers Business Valuation Update.
5th Circuit Remands Strangi to Consider § 2036 Claim
This case is the 5th Circuit's review of the Tax Court case, Estate of Strangi v. Commissioner, 115 T.C. No. 35 (U.S. Tax Ct. Nov. 30, 2000), abstracted in the January 2001 BVU.
Tax Court Accepts IRS Projections of Value Added Refund Income and Capital Expenditures
The issue in this case was the valuation of taxpayer Polack's gift of 1,040,000 shares of Zip Sort Inc. (ZSI) stock that he gifted to his children on Dec. 31, 1992 (260,000 of his nonvoting stock to each of his four children).
Okerlund v. United States (I)
The issue in this consolidated case was the fair market value of two minority nonvoting stock interests in Schwan's Sales Enterprises, Inc.
Estate of Francis C. Glover v. CIR
The Tax Court considered the value of a malpractice claim for inclusion in the decedent’s gross estate. In doing so the court deviated from its normal position and used a post-valuation date settlement, as stipulated by the parties, as the starting point ...
Value of Malpractice Claim Included in Decedent’s Gross Estate
The Tax Court considered the value of a malpractice claim for inclusion in the decedent’s gross estate.
Estate of Dunn v. Commissioner (II)
The only issue on appeal was the appropriate built-in gains tax discount to be applied in calculating the fair market value of a 62.96% block of common stock.
Estate of Elizabeth Paramore O'Neal (O'Neal II) v. U.S.A.
The U.S. District Court, on remand from the court of appeals, considered the date-of-death value of claims made against the decedent’s estate as a result of transferee gift tax and generation-skipping transfer tax liabilities. The IRS sought to recover ad ...
Transferee Tax Liability Claims Valued as of Date of Death
The U.S. District Court, on remand from the Court of Appeals, considered the date-of-death value of claims made against the decedent’s estate as a result of transferee gift tax and generation-skipping transfer tax liabilities.
Charitable deduction disallowed where stock not publicly traded
The only issue in this case was whether the petitioner (John C. Todd), who formed the Todd Family Foundation (Foundation), a nonprofit corporation, was entitled to charitable deductions.
Assets of Valid Partnership Included in Gross Estate
Tax Court ruled that 100% of the property within the partnership, despite the fact that the partnership was validly formed, was includable in the gross estate under Sec. 2036 (a).