Tax Law Update

• Expanding Petter, Tax Court upholds defined value clauses in favor of taxpayer—In Wandry v. Commissioner, T.C. Memo. 2012-88, the Tax Court upheld gifts made using a defined value clause (DVC), applying the holding from a recent case, Estate of Petter v. Comm’r, T.C. Memo. 2009-280, to a set of intra-family gifts.

In 1998, Joanne and Albert Wandry formed a family limited partnership (FLP), Wandry LP, to hold cash and marketable securities.

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