By: Jeff Bae & Craig StephansonValuation Services, Inc.IntroductionThe Internal Revenue Service (the "IRS") won another estate tax case dealing with a family limited partnership ("FLP"). In Estate of Concetta H. Rector (T.C. Memo. 2007-367), the Tax Court held that the...
October 2008 Archives
The IRS Continues to Attack Poorly Designed Family Limited Partnership: Estate of Concetta H. Rector
By: Martin M. Shenkman, CPA, MBA, PFS, JD Introduction to Planning Through Economic Turmoil ◙ Introduction The markets are in turmoil. Daily Dow movements make Cedar Point roller coasters look tame. The remake of the movie "Fast and Furious" will...
By: David Pratt, Esq. and Lisa M. Stern, Esq.OVERVIEWAn individual's decision to change his or her domicile to Florida is generally driven by personal factors, such as proximity to one's family, retirement, health issues, a new job, or a change...
Continue reading "Tax and Asset Protection Motivations for Acquiring a Florida Domicile"
By John Hempstead, ASA, CFAManaging Director, Hempstead & Co. Inc.Synopsis S corporations have become the corporate vehicle of choice for operating privately-held businesses. Because of their special tax attributes, however, they present certain challenges to appraisers attempting to value them...