Turner II and Family Partnerships: Avoiding Problems and Securing Opportunity

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Journal of Taxation, Vol: 117, Page: 32

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Blattmachr, Jonathan G.; Gans, Mitchell M.; Zeydel, Diana S.C.
United States; United States. Tax Court; United States. Internal Revenue Code; Tax court decisions; Partnership interest; Generation-skipping transfer tax -- Law & legislation; Family partnership -- Taxation; Actions & defenses (Law) -- United States
article description
The article discusses the U.S. Tax Court case Estate of Turner (Turner II) which deals with the assets a decedent had contributed to a family partnership, marital deductions for partnership interests, and the elements of a federal gross estate. It states that in general, estate, gift, and generation-skipping transfer taxes are all levied on the fair market value (FMV) of the transferred property. Section 2036(a) of the U.S. Internal Revenue Code is also examined.