RERI Holdings I, LLC v. Comm'r
United States Tax Court
LLC1 contributed a successor member interest in a second LLC (LLC2) to University. R moves for partial summary judgment that (1) the actuarial tables under I.R.C. sec. 7520 do not apply to value the successor member interest and (2) TMP failed to substantiate the value of the successor member interest with a qualified appraisal as defined in sec. 1.170A-13(c)(3), Income Tax Regs.
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LLC1 contributed a successor member interest in a second LLC (LLC2) to University. R moves for partial summary judgment that (1) the actuarial tables under I.R.C. sec. 7520 do not apply to value the successor member interest and (2) TMP failed to substantiate the value of the successor member interest with a qualified appraisal as defined in sec. 1.170A-13(c)(3), Income Tax Regs. Held:Pierre v. Commissioner, 133 T.C. 24 (2009), followed; LLC2, a disregarded entity, is not disregarded in determining value of the successor member interest in LLC2 that LLC1 contributed to University. Held,…
1Opinion of the Court
OPINION
Halpern, Judge:
This is a partnership-level action brought in response to a notice of final partnership administrative adjustment. The action involves RERI Holdings I, LLC (RERI). On its 2003 income tax return RERI reported a charitable contribution of property worth $33,019,000. Respondent determined that RERI overstated the value of the contribution by $29,119,000. He also determined that, on account of the overstatement, he would apply an accuracy-related penalty to any resulting underpayment of income tax. Petitioner assigned error to respondent’s determinations. Respondent…
2Cases cited19 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Bond v. CommissionerUnited States Tax Court · 1993
- Commissioner v. SimmonsCourt of Appeals for the D.C. Circuit · 2011
- Ronald D. Smart, Doing Business as Paschall Electric v. International Brotherhood of Electrical Workers, Local 702Court of Appeals for the Seventh Circuit · 2003
- Weller v. CommissionerUnited States Tax Court · 1962
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3Cited by4 opinions
- Estate of Sommers v. Comm'rUnited States Tax Court · 2017
- RERI Holdings I, LLC v. Comm'rUnited States Tax Court · 2014
- RERI Holdings I, LLC v. Comm'rUnited States Tax Court · 2017
- RERI Holdings I, LLC, Harold Levine, Tax Matters Partner v. CommissionerUnited States Tax Court · 2014