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Tax Court digs the knife in deeper in bad family limited partnership case
Today we learn from a supplemental opinion to Turner v. Commissioner, TC Memo 2011-209 Aug 30, 2011 (Estate of Turner I), that a marital deduction is not available when § 2036 is deemed to pull assets back into the estate, but the assets aren’t actually there to …
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Another Taxpayer Victory in a Family Limited Partnership Case
On February 3, 2010, the Tax Court released it’s decision in Estate of Shurtz v. Commissioner, This case is interesting for a number of reasons. First, even though it involves a family limited partnership, the case is not about the estate taking substantial discounts. In fact, the …
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IRS Loses Large Family Limited Partnership Refund Case.
It turns out that yesterday was a bad day for the IRS. Not only did they lose an important gift tax valuation case, but they also lost a very large Family Limited Partnership case in Federal District Court. I do not think that the facts …
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