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Revisiting Byrum, Brant J. Hellwig
Revisiting Byrum, Brant J. Hellwig
Scholarly Articles
In the landmark case of United States v. Byrum, the Supreme Court determined that a majority shareholder's retention of voting rights over stock transferred in trust did not cause the stock to be included in his gross estate under Section 2036(a)(1) or (a)(2). The Court grounded its decision in the fiduciary duty owed by the board of directors and the majority shareholder to exercise their discretion over corporate distributions to promote the best interests of the entity. Despite legislative action quickly reversing the Court's holding in Byrum, the case continued to influence decisions concerning the estate tax consequences of a …
Kimbell: Is The Party Over For Family Limited Partnerships, Brant J. Hellwig
Kimbell: Is The Party Over For Family Limited Partnerships, Brant J. Hellwig
Scholarly Articles
Professor Brant J. Hellwig of the University of South Carolina School of Law examines the impact of the recent Kimbell decision on the future use of family limited partnerships for estate planning purposes.