Tax Law Update

Victorious estate in FLP discount case A district court in Arkansas ruled in favor of a decedent's estate and awarded it a refund of about $41 million. In Estate of Murphy v. United States, Case No. 07-CV-1013 (W.D. Ark. 2009), the court based its decision on valuation, estate inclusion and administrative expense deduction issues. Charles H. Murphy, Jr. died on March 20, 2002, leaving an estate tax

  • Victorious estate in FLP discount case — A district court in Arkansas ruled in favor of a decedent's estate and awarded it a refund of about $41 million. In Estate of Murphy v. United States, Case No. 07-CV-1013 (W.D. Ark. 2009), the court based its decision on valuation, estate inclusion and administrative expense deduction issues.

    Charles H. Murphy, Jr. died on March 20, 2002, leaving an estate tax due (as calculated by his co-executors) of $46,265,434.

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