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.
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.
1st Circuit Affirms FLP Case Against Taxpayer
The 1st Circuit affirmed all aspects of a Tax Court determination unfavorable to the estate of Ida Abraham (the Estate).
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.
Estate of Strangi v. Commissioner (IV)
In this last installment of the Strangi case, the Fifth 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.
Estate of Baird v. Commissioner
In this estate tax case, the issue was whether the IRS's position in applying discounts to fractional, non-controlling interests in timberland was justified.
Van Der AA Investments, Inc. v. Commissioner
In an income tax case where the IRS challenges the calculation of net unrealized built-in gain that has been based on a contemporaneous valuation of the assets subject to built-in gain tax, the valuation report by itself constitutes inadmissible hearsay w ...
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 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 ...
Brief - Petitioner's Response to Brief For Respondent - Estate of Reichardt v. Commissioner
This is the taxpayer's response to the IRS brief in Estate of Reichardt v. Commissioner, a case involving a 36.46% limited partnership interest and IRC § 2036(a).
Brief - Petitioner's Opening Brief - Estate of Reichardt v. Commissioner
This is the opening brief filed by the taxpayer in Estate of Reichardt v. Commissioner, a case involving a 36.46% limited partnership interest and IRC § 2036(a).
Expert takes issue with abstract of Borgatello case
Expert takes issue with abstract of Borgatello case Although this Reader/Editor Exchange letter was directed to Shannon Pratt’s Business Valuation Update version of the Borgatello a ...
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).
Valuation of Acquiree’s Customer Accounts Using Acquirer’s Data Upheld
Charles Schwab amortized the customer accounts that it had acquired through a merger. The Commissioner challenged the amortization and this suit followed.
Continued Enjoyment of Property Leads to Disregard of FLPs
The issue in this estate tax case was whether three family limited partnerships (FLPs) should be respected for estate tax purposes.
Proper Valuation Evidence Critical for Intangible Asset Loss Deduction
The valuation issue in this case was whether the specific and independent fair market value of 376 terminated health insurance group contracts had been sufficiently established to claim a loss deduction and evade the mass asset rule.
Tax Court Disregards FLP That Taxpayer Disregarded
The issues in this estate tax case were whether the court should disregard a family limited partnership (FLP) under IRC Section 2036(a) and the fair market value of the assets of the partnership.