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Tips From the Pros: The Specter of Double Inclusion in the Gross Estate

Charles A. Redd discusses the anomaly of double inclusion in two Tax Court decisions.

Estate of Powell v. Commissioner1 is well-known among estate-planning professionals for having staked out new ground in its Internal Revenue Code Section 2036(a)(2) analysis. The decedent, Nancy Powell, a week before her death, conveyed about $10 million in cash and securities to a family limited partnership (FLP) in exchange for a 99% limited partner interest. The Tax Court held that IRC Section 2036(a)(2) applied because, at the moment of her death, the decedent had the


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