Valuing real estate for estate and gift tax purposes: inability to immediately liquidate as a valuation error

Article Abstract:

Real estate valuation issues in the estate and gift tax context have been raised by the Tax Court in LeFrak v. Commissioner and in IRC section 2704(c). In LeFrak, the Court ruled that substantial discounts to the value of a minority interest in real property were appropriate because the interest was undivided and because of the expense of partition. Under section 2704(c), the lapsing of certain liquidation rights held in a partnership or limited partnership appear to have no effect on the valuation of the interest for estate and gift tax purposes.

Decedents' estates, Valuation, Real property, Real estate appraisal

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Discounts on real estate partnership interest - IRS loses on minority interest, wins on lack of marketability

Article Abstract:

The author discusses the Tax Court's memo decision in Estate of Weinberg, in which the value of a limited partnership interest determined by the IRS using the Quantitative Marketability Discount Model was examined.

Interest (Law)

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Creative tax planning for the disposition of real estate

Article Abstract:

The authors discuss tax law which should be considered in the establishment of a partnership for real estate ownership, such as disguised sales rules, anti-mixing bowl rules, and marketable securities distribution.

Methods, Tax planning, Land titles, Land title registration

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