2011 Pennsylvania News:
A Failed Family Limited Partnership
In the Estate of E.V. Jorgenson the decedent (the person who just passed away) transferred substantial assets to two family limited partnerships and claimed that the retained powers and interests were minimal. The IRS assessed an estate tax deficiency and Tax court found that the decedent had retained the economic benefits and control of such property and that the transfers did not involve a bona fide sale for full consideration.
Estate of E.V. Jorgensen, 2011-1 USTC.
To read more about this case and the ramifications it could lead to for you and your family limited partnership click here to read A Failed Family Limited Partnership.