Estate of Reichardt v. Commissioner
United States Tax Court
Decedent (D) had two children, C and W. On June 17, 1993, D formed a revocable family trust (the trust) and a family limited partnership (the partnership). The trust was the general partner of the partnership. D, C, and W were named co-trustees, but only D performed any functions as trustee. D transferred his residence and all of his other property (except for his car, personal property, and some cash) to the partnership through the trust.
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Decedent (D) had two children, C and W. On June 17, 1993, D formed a revocable family trust (the trust) and a family limited partnership (the partnership). The trust was the general partner of the partnership. D, C, and W were named co-trustees, but only D performed any functions as trustee. D transferred his residence and all of his other property (except for his car, personal property, and some cash) to the partnership through the trust. D's transfer was not a bona fide sale for full and adequate consideration. On Oct. 22, 1993, D gave C and W each a 30.4-percent interest in the limited…
1Opinion of the Court
Colvin, Judge:
Respondent determined that petitioner is liable for a deficiency in gift tax of $161,494 for gifts made by decedent in 1993 and a deficiency in estate tax of $358,771. After concessions,1 the issue for decision is whether assets that decedent transferred to the partnership are included in his gross estate under section 2036(a). We hold that they are, and that the fair market value of those assets was $1,634,654 when decedent died.2
Unless stated otherwise, section references are to the Internal Revenue Code. Rule references are to the Tax Court Rules of Practice and Procedure.
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2Cases cited15 opinions
- Estate of Daniel McNichol Deceased, Ellen McNichol Evangelista and Joseph G. McNichol Executors v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1959
- Jane C. Guynn, of the Estate of Vena E. Calvert, Deceased v. United StatesCourt of Appeals for the Fourth Circuit · 1971
- McNichol v. CommissionerUnited States Tax Court · 1958
- Estate of Spruill v. CommissionerUnited States Tax Court · 1987
- Estate of Maria M. Coxe Skinner, Deceased, Neil McFee Skinner and Girard Trust Corn Exchange Bank, Executors v. United StatesCourt of Appeals for the Third Circuit · 1963
10 more not listed; retrieve them via the Exa API.
3Cited by31 opinions
- Estate of Bongard v. Comm'rUnited States Tax Court · 2005
- Kimbell v. United StatesCourt of Appeals for the Fifth Circuit · 2004
- Estate of Theodore Thompson, Deceased, Betsy T. Turner v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 2004
- Estate of Strangi v. CommissionerUnited States Tax Court · 2000
- Estate of Abraham v. CommissionerCourt of Appeals for the First Circuit · 2005
26 more not listed; retrieve them via the Exa API.