Paul L. Caron

Sunday, September 27, 2009

Gerzog: Miller -- Effective FLP Line Drawing

Wendy C. Gerzog (Baltimore) has posted Miller: Effective FLP Line Drawing, 124 Tax Notes 1273 (Sept. 21, 2009), on SSRN.  Here is the abstract:

Miller [Estate of Miller v. Commissioner, T.C. Memo. 2009-119] is a decision on family limited partnerships (FLPs) with effective line drawing. The case is particularly helpful to distinguish the types of investment activities that constitute an acceptable nontax purpose under the Bongard criteria. The opinion further provides some guidelines on the factors of age, health, and FLP payment of estate tax liabilities to determine the applicability of section 2036 and its bona fide sales exception.

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