FCG Valuation Case E-Flash Wimmer v. Commissioner

Authored by John Walker and Chris D. Treharne, ASA, MCBA, BVAL of Gibraltar Business Appraisals, Inc. a member firm of FCG Issue 14:3

Estate Of George H. Wimmer, Deceased, George W. Wimmer, Personal Representative, Petitioner V. Commissioner Of Internal Revenue, Respondent

T.C. Memo. 2012-157, Docket No. 26540-07, Filing date June 4, 2012, Judge Elizabeth Crewson Paris

The Tax court was tasked with determining if gifts of limited partnership interests transferred by the Decedent between 1996 and 2000 qualified for the Federal gift tax annual exclusion under § 2503(b).

The Takeaway
Because the general partners followed their fiduciary duty and the partnership agreement, gifts of limited partnership interests in a family limited partnership were gifts of present interests, thereby qualifying them for the Federal gift tax annual exclusion and were not includable in the Decendent’s estate.

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