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Elaine Gagliardi On The Family Limited Partnership In 2018: Powell, Cahill, And Income Tax Basis At Death, Elaine H. Gagliardi
Elaine Gagliardi On The Family Limited Partnership In 2018: Powell, Cahill, And Income Tax Basis At Death, Elaine H. Gagliardi
Faculty Journal Articles & Other Writings
The Tax Court’s 2017 holding in Estate of Powell v. Commissioner1 followed by its 2018 decision in Estate of Cahill v. Commissioner,2 signals a need to rethink how best to structure the family limited partnership and the terms of the partnership agreement. In a shift away from its historical approach to analyzing gross estate inclusion of family limited partnership assets, the Powell court endorses application of Section 2036(a)(2)3 to include the value of partnership assets in decedent’s gross estate, and in an unprecedented step employs Section 2043 to determine the value of family limited partnership assets includible in the gross …