Eight Circuit Affirms Tax Court's Ruling on Valuation of Family LP Shares

The U.S. Court of Appeals for the Eighth Circuit affirmed a Tax Court ruling that when a couple that gifted to their children family limited partnership shares, Section 2703 applies.  In addition, the Court held that for valuation purposes, restrictions on share transfers should be disregarded.

See also Eighth Circuit Affirms Tax Court on Valuation of Family Limited Partnership Shares, 2010 TNT 67-11, April 8, 2010.

Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal.