Home | Business News | Browse by Publication | T | The Tax Adviser

Tax court upholds FLP disallowance.

Publication: The Tax Adviser
Publication Date: 01-OCT-02
Format: Online - approximately 701 words
Delivery: Immediate Online Access
Full Article Title: Tax court upholds FLP disallowance.(family limited partnership, Estate of Harper)

Article Excerpt
In Estate of Harper, TC Memo 2002-121, the Tax Court ruled that a limited partnership formed by a decedent and funded with a majority of his assets was defective; thus, the property was includible in his estate. The court also upheld the IRS's valuation of the estate's assets.

Background

A typical family limited partnership (FLP) is an excellent estate planning tool. Through gifting, it allows for the transfer of assets to younger family members, with significant discounts. A FLP is generally established by an older family member transferring assets tax free in exchange for a partnership interest. Partnership interests are then gifted or sold...

Access Full Article, Compliments of Goliath

Read the FULL article now - Try Goliath Business News - FREE!   
You can view this article PLUS...

  • Over 5 million business articles
  • Hundreds of the most trusted magazines, newswires, and journals (see list)
  • Premium business information that is timely and relevant
  • Unlimited Access

Now for a Limited Time, try Goliath Business News - Free for 3 Days!
Tell Me More   Terms and Conditions

Get Goliath Business News for 1 year - Just $99 (Save 65%)
Tell Me More   Terms and Conditions

Already a subscriber? Log in to view full article



More articles from The Tax Adviser
Employee-owner compensation in C and S corporations., October 01, 2002
Sales price adjustments and the claim-of-right doctrine., October 01, 2002
Sec. 179 expensing election., October 01, 2002
Tax implications of the business use of airplanes., October 01, 2002
Relief from international double taxation., October 01, 2002

Looking for additional articles?
Search our database of over 3 million articles.

Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication name or publication date.

About Goliath
Whether you're looking for sales prospects, competitive information, company analysis or best practices in managing your organization, Goliath can help you meet your business needs.

Our extensive business information databases empower business professionals with both the breadth and depth of credible, authoritative information they need to support their business goals. Whether it be strategic planning, sales prospecting, company research or defining management best practices - Goliath is your leading source for accurate information.