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Tax Law Update

The Tax Court finds taxpayer did not indirectly gift partnership assets. Score another win for taxpayers and against the Internal Revenue Service seeking to use Internal Revenue Code Section 2511 to declare invalid a discount for a family limited partnership (FLP). In Bianca Gross v. Commissioner, T.C. Memo. 2008-221, No. 9693-06 (Sept. 29, 2008), the IRS had claimed that taxpayer Bianca Gross' gifts

The Tax Court finds taxpayer did not indirectly gift partnership assets. Score another win for taxpayers and against the Internal Revenue Service seeking to use Internal Revenue Code Section 2511 to declare invalid a discount for a family limited partnership (FLP).

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