Tax Law Update

Family limited partnership assets were included in a decedent's estate under Internal Revenue Code Section 2036(a)(1). Once again, the IRS has triumphed over a family limited partnership (FLP) this time in a fight over the estate of a war hero's widow, Estate of Erma V. Jorgensen v. Commissioner, T.C. Memo 2009-66 (March 26, 2009). Erma Jorgensen died in 2002, owning interests in two FLPs. The first,

David A. Handler, partner, and Alison E. Lothes, associate in the Chicago office of Kirkland & Ellis LLP | May 01, 2009

Family limited partnership assets were included in a decedent's estate under Internal Revenue Code Section 2036(a)(1). Once again, the IRS has triumphed over a family limited partnership (FLP) — this time in a fight over the estate of a war hero's widow, Estate of Erma V. Jorgensen v. Commissioner, T.C. Memo 2009-66 (March 26, 2009).

Erma Jorgensen died in 2002, owning interests in two FLPs. The first, JMA-1, had been formed back in 1995 by Erma and her husband

ARTICLE ACCESS REQUIRED

Please Log in if you are currently a Trust&Estates subscriber, or select DAYPASS for our new 24 hour access (nominal fee required).

If you are interested in unlimited article access for one year, please select Annual Subscription below.

Day Pass Annual Subscription

TAGS: Investment

Hide comments

Load More

Comments

Plain text