Estate of Giustina – Tax Court slashes value of FLP interest
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Description
Abstract: Family limited partnerships (FLPs) can be effective estate planning tools. This article discusses a recent U.S. Tax Court case in which the value of a 41% FLP interest for estate tax purposes was reduced from approximately $27.5 million to just under $14 million on remand from the U.S. Court of Appeals for the Ninth Circuit. A sidebar highlights a recent IRS proposal that threatens to limit (or possibly even eliminate) valuation discounts on FLPs and other family-controlled businesses. Estate of Giustina v. Commissioner, T.C. Memo. 2016-114, June 13, 2016
Additional information
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| Newsletter | Valuation & Litigation Briefing / Litigation & Valuation Report |
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