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Family Partnership Valuation Discounts Approved By Tax Court

Family Partnership Valuation Discounts Approved By Tax Court

I find this decision particularly apt for opening 2016 although it would have been better for closing 2015, which it would have had I been a little more diligent.  My second blog post ever over six years ago was a discussion of family limited partnerships, that hammered home the point that that good execution is critical with them starting with the post’s title – Devil Is In The Details.

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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.