In the Matter of the Estate of Norman B. Hjersted (II)
Kansas Supreme Court revisits Family Limited Partnership discounts case, and offers "contours of guidance."
Estate of Rector v. Commissioner
What appraisers should know about another "bad facts" FLP.
37% Discount Denied in Poorly Executed FLP
Court denies discount for family limited partnership in estate tax case where FLP made funds available to decedent and failed to observe partnership formalities and legitimate business.
Court Decides Fate of Another ‘Bad Facts’ FLP—This Time in Divorce
Trail court characterizes FLP assets as marital property in divorce, based on facts surrounding its establishment and operation.
A Month Late, But Two Months Before Trial: Should This Expert Appraisal Be Excluded?
Even though there were 73 days left before trial and material witness (property owner) was seriously ill, expert appraisal excluded for failing to comply with disclosure deadlines.
Estate of Bigelow v. Commissioner (II)
Court denies discount for family limited partnership in estate tax case where FLP made funds available to decedent and failed to observe partnership formalities and legitimate business.
Estate of Perry
Even though there were 73 days left before trial and material witness (property owner) was seriously ill, expert appraisal excluded for failing to comply with disclosure deadlines.
Moser v. Moser
Trail court characterizes FLP assets as marital property in divorce, based on facts surrounding its establishment and operation.
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.
More contemporaneous source upheld over more specific source
In the context of an antidumping action involving goods from a nonmarket nation, valuation of overhead; selling, general and administrative expenses (SG&A); and profit may be based on more contemporaneous sources of market data for a comparable market ...
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.
Transfers of Stock to Business Trusts Not Included in Decedent’s Gross Estate
Schutt, I, Business Trust (Schutt I) and Schutt, II, Business Trust (Schutt II), both Delaware business trusts, were formed in 1998.
Hangzhou Spring Water Co., Ltd. v. United States
In the context of an antidumping action involving goods from a nonmarket nation, valuation of overhead; selling, general and administrative expenses (SG&A); and profit may be based on more contemporaneous sources of market data for a comparable market ...
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 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 ...
Court Uses Raw Data From Bajaj Study to Determine DLOM
The only issue in this case was the fair market value of gifted family limited partnership (FLP) interests.
Peracchio v. Commissioner
Issues were appropriate discount for lack of control and discount for lack of marketability to apply in valuing gifts of family limited partnership interests.
Lappo v. Commissioner
The issue for decision is the fair market value of interests in a family limited partnership that petitioner transferred in 1996.
Drummy v. Wall Co., Inc.
Successor trustee brought suit against the company for breach of contract, arguing that the appraiser the prior trustee selected was not independent as the shareholder agreement required.
Daley v. Chang
At issue is breach of fiduciary duty and the admittance of expert testimony.
40% 'Aggregate' Discount: Marketability, Control, and Unrealized Capital Gains
The IRS determined that decedent's estate owed amounts for estate tax and gift tax deficiencies.
Estate of Dailey v. Commissioner (I)
At issue are the valuation of certain retained and gift interests in a Family Limited Partnership (FLP).
FLPs Shall Not Be Disregarded for Gift Tax Purposes
In this case, the Tax Court determined that a Texas family limited partnership could not be ignored for valuation purposes and that § 2704(b) did not apply.
Same Day Case Makes Interesting Addendum to Knight
In 1993 and 1994, decedent Albert Strangi was suffering severe medical problems.