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NOTES 461 Tax Lawyer, Vol. 56, No. 2 NOTE DISCOUNTING DISCOUNTS: THE TAX COURT’S TREATMENT OF FAMILY PARTNERSHIP GIFT VALUATION IN ESTATE OF JONES V. COMMISSIONER In Estate of Jones v. Commissioner,1 the Tax Court considered the transfer of interests in two family limited partnerships to the taxpayer’s children. The court held that the initial transfers of property to the partnership were not gifts upon formation, that the transfer of partnership interests to the taxpayer’s children were gifts...

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