2053

Substantial Win for “Buy and Hold” FLP – Murphy Oil Heirs Are Smiling (But the IRS Isn’t)

 It’s possible KYEstates readers are focused on the Paul-Grayson Senate race, or the Louisville mayoral race (see latest polls here, and here, respectively). If you want a break from politics, however, we can take you back to the normal state of things (i.e., all transfer taxes, all the time) with a report on a truly resounding taxpayer [...]

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Heirloom Stock + Predator Creditors = Family Limited Partnership Win for Taxpayer

KYEstates is pleased to share welcome news of a taxpayer win in Estate of Black v. Comm’r, 133 T.C. No. 15 (Dec. 14, 2009). Black involved (you guessed it) a family limited partnership, and prominently features all four Big Themes of estate planning: favored and disfavored Family members, really large amounts of Money, and correspondingly [...]

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Final Section 2053 Regulations (T.D. 9468): Save Ferris!

KYEstate$ readers are well aware that administration expenses and claims against the estate are deductible from the decedent’s taxable estate under section 2053.  This is economically significant, of course, because when an estate is taxable, the government effectively picks up 45% of the attorneys’ fees or claim. (Ah, yes, the faraway days of December 2009 [...]

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