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This page contains a single entry by Associate Editor published on February 9, 2010 12:58 AM.

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Tax Court Finds Asset Transfer to Limited Partnership was for Adequate and Full Consideration

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Associate Editor
on February 9, 2010 TrackBacks (0) Comments (0)

The Tax Court has ruled that an estate does not owe additional taxes because the creation of a limited partnership by the decedent and the attendant transfer of 40,000 acres of land was a bona fide sale for adequate and full consideration and was motivated by non-tax reasons.

See "Assets Transferred to Family Limited Partnership Not Includable in Gross Estate" 2010 TNT 23-6, February 3, 2010.

Posted by Evan L. Abrams, Esq., Associate Editor, Wealth Strategies Journal 

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