Transfer of assets to family partnership was not a taxable gift

Article Abstract:

The authors discuss the US Tax Court's decision in Estate of Strangi, in which the court ruled that the family limited partnership used by the decedent was valid under Texas law and would not be disregarded for estate tax purposes.

Gifts, Limited partnership, Limited partnerships, Family-owned business enterprises, Family-owned businesses

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No marital deduction for assets passing under settlement agreement

Article Abstract:

The authors discuss the US District Court for New Jersey's decision in Estate of Mergott, in which the court denied the marital deduction on assets passed to a surviving spouse under settlement agreements.

Cases, Claims against decedents' estates, Divorce settlements, Marital deduction

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Donees' agreement to pay future tax did not reduce gift's value

Article Abstract:

The authors discuss the US District Court for the Western District of Virginia's decision in Frank Armstrong Jr. Trust, in which the court ruled that a transferees' agreement to assume tax liability for a stock transfer gift did not create an encumbrance reducing the stock's value in regards to the gift tax.

Valuation, Gift tax, Stock transfer

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