Document Type

Article

Publication Title

Journal of Taxation

Publication Date

7-2012

Abstract

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.

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