Tax Law Update

Partnership restrictions disregarded under IRC Section 2703. Estate-planning lawyers are buzzing about the Tax Court's recent decision on family limited partnerships, H. Holman, Jr., 130 TC 12 (May 27, 2008), because the court ignored commonly used restrictions on transfers of partnership interests for gift tax valuation purposes under Internal Revenue Code Section 2703. In November 1999, Thomas and

Partnership restrictions disregarded under IRC Section 2703. Estate-planning lawyers are buzzing about the Tax Court's recent decision on family limited partnerships, H. Holman, Jr., 130 TC 12 (May 27, 2008), because the court ignored commonly used restrictions on transfers of partnership interests for gift tax valuation purposes under Internal Revenue Code Section 2703.

In November 1999, Thomas and Kim Holman transferred about 70,000 shares of Dell stock to a limited pa

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