Journal of Taxation
The article discusses the U.S. Tax Court case Estate of Turner (Turner II) which deals with the assets a decedent had contributed to a family partnership, marital deductions for partnership interests, and the elements of a federal gross estate. It states that in general, estate, gift, and generation-skipping transfer taxes are all levied on the fair market value (FMV) of the transferred property. Section 2036(a) of the U.S. Internal Revenue Code is also examined.
Jonathan G. Blattmachr, Mitchell M. Gans, and Diana S.C. Zeydel,
Turner II and Family Partnerships: Avoiding Problems and Securing Opportunity, 117 J. Tax'n 32
Available at: http://scholarlycommons.law.hofstra.edu/faculty_scholarship/703