Fiorito v. Commissioner
United States Tax Court
Estate Tax -- Valuation of Partnership Interest. -- A partnership agreement which restricted the right of decedent to transfer or assign his partnership interest, and which also granted the surviving partners an option to purchase decedent's interest in the partnership after his death for the book value thereof, limits the value of decedent's partnership interest for estate tax purposes to the option price even though it was less than the fair market value of the partnership…
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Estate Tax -- Valuation of Partnership Interest. -- A partnership agreement which restricted the right of decedent to transfer or assign his partnership interest, and which also granted the surviving partners an option to purchase decedent's interest in the partnership after his death for the book value thereof, limits the value of decedent's partnership interest for estate tax purposes to the option price even though it was less than the fair market value of the partnership net assets on the date of decedent's death.
1Opinion of the Court
OPINION.
Drennen, Judge:
Respondent determined a deficiency in estate tax due from the estate of Nicolo Fiorito in the amount of $16,523.62.
The only issue left for us to decide is whether respondent erred in determining the value of decedent’s interest in a partnership known as N. Fiorito Company to be his pro rata share of the fair market value of the partnership net assets as of the date of decedent’s death rather than the option price for which the surviving partners could and did purchase decedent’s partnership interest after his death, as reported on the estate tax return.
The facts were…
2Cases cited11 opinions
- Wilson v. BowersCourt of Appeals for the Second Circuit · 1932
- Lomb v. SugdenCourt of Appeals for the Second Circuit · 1936
- Brodrick v. GoreCourt of Appeals for the Tenth Circuit · 1955
- Estate of Salt v. CommissionerUnited States Tax Court · 1951
- Hoffman v. CommissionerUnited States Tax Court · 1943
6 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Estate of Hall v. CommissionerUnited States Tax Court · 1989
- Estate of True v. CommissionerCourt of Appeals for the Tenth Circuit · 2004
- Holman v. Comm'rUnited States Tax Court · 2008
- Estate of Bryan v. CommissionerUnited States Tax Court · 1963
- Roth v. United StatesDistrict Court, E.D. Missouri · 1981
11 more not listed; retrieve them via the Exa API.