Matches in SemOpenAlex for { <https://semopenalex.org/work/W2270725435> ?p ?o ?g. }
Showing items 1 to 69 of
69
with 100 items per page.
- W2270725435 abstract "The Third and Fifth Circuits have recently issued opinions that appear to be at odds concerning what is a legitimate business activity for the Section 2036(a) exception. Section 2036(a) contains an exception for a bona fide sale for adequate consideration. The form of the Family Limited Partnership (FLP) investment has been found to be significant in determining whether the FLP conducted a legitimate economic activity or was overwhelmingly testamentary in nature, and therefore not to be respected for transfer tax purposes. Two cases decided by different federal circuit courts approximately three months apart seem to reach different conclusions on what amounts to a substantial legitimate business activity. The Fifth Circuit held that a transfer of working oil and gas interests to a partnership along with marketable securities provided centralization of management and a substantial legitimate business purpose. At inception, only 11% of the assets of the partnership were oil and gas working interests. In contrast, the Third Circuit has recently held that, although the FLP did conduct some legitimate economic activity, the transactions did not rise to the level of substantial legitimate business operations. In that case, real estate used for ranching amounted to 21% of the partnership assets. The Fifth Circuit had previously applied the Section 2036(a) exception to assets transferred to a limited partnership that consolidated undivided ownership interests and the administration of a family ranching business. The tax advisor is left to determine when a partnership will be deemed engaged in business transactions sufficient for the bona fide sale for the adequate and full consideration exception to apply. The answer might just depend on what circuit has jurisdiction over the client. The Supreme Court grants certiorari in very few tax cases. Approximately a dozen appeals relating to tax issues - including state, local, and federal; income, property, sales, estate, and gift; individual, corporate, and fiduciary - are considered in a normal year. In most situations, the petitions that are granted involve an issue at conflict among the federal circuits. Perhaps the Supreme Court will be asked to end this dispute. In the meantime, what are the planning considerations?" @default.
- W2270725435 created "2016-06-24" @default.
- W2270725435 creator A5021270074 @default.
- W2270725435 date "2005-03-11" @default.
- W2270725435 modified "2023-09-23" @default.
- W2270725435 title "Courts Disagree on the Application of Section 2036 Exception to FLPS" @default.
- W2270725435 hasPublicationYear "2005" @default.
- W2270725435 type Work @default.
- W2270725435 sameAs 2270725435 @default.
- W2270725435 citedByCount "0" @default.
- W2270725435 crossrefType "posted-content" @default.
- W2270725435 hasAuthorship W2270725435A5021270074 @default.
- W2270725435 hasConcept C10138342 @default.
- W2270725435 hasConcept C112698675 @default.
- W2270725435 hasConcept C121955636 @default.
- W2270725435 hasConcept C126322002 @default.
- W2270725435 hasConcept C143095724 @default.
- W2270725435 hasConcept C144133560 @default.
- W2270725435 hasConcept C151956035 @default.
- W2270725435 hasConcept C162324750 @default.
- W2270725435 hasConcept C169743794 @default.
- W2270725435 hasConcept C190253527 @default.
- W2270725435 hasConcept C2780129039 @default.
- W2270725435 hasConcept C2780495726 @default.
- W2270725435 hasConcept C71750763 @default.
- W2270725435 hasConcept C71924100 @default.
- W2270725435 hasConcept C82279013 @default.
- W2270725435 hasConceptScore W2270725435C10138342 @default.
- W2270725435 hasConceptScore W2270725435C112698675 @default.
- W2270725435 hasConceptScore W2270725435C121955636 @default.
- W2270725435 hasConceptScore W2270725435C126322002 @default.
- W2270725435 hasConceptScore W2270725435C143095724 @default.
- W2270725435 hasConceptScore W2270725435C144133560 @default.
- W2270725435 hasConceptScore W2270725435C151956035 @default.
- W2270725435 hasConceptScore W2270725435C162324750 @default.
- W2270725435 hasConceptScore W2270725435C169743794 @default.
- W2270725435 hasConceptScore W2270725435C190253527 @default.
- W2270725435 hasConceptScore W2270725435C2780129039 @default.
- W2270725435 hasConceptScore W2270725435C2780495726 @default.
- W2270725435 hasConceptScore W2270725435C71750763 @default.
- W2270725435 hasConceptScore W2270725435C71924100 @default.
- W2270725435 hasConceptScore W2270725435C82279013 @default.
- W2270725435 hasLocation W22707254351 @default.
- W2270725435 hasOpenAccess W2270725435 @default.
- W2270725435 hasPrimaryLocation W22707254351 @default.
- W2270725435 hasRelatedWork W129846367 @default.
- W2270725435 hasRelatedWork W1891124531 @default.
- W2270725435 hasRelatedWork W1976809533 @default.
- W2270725435 hasRelatedWork W2259807779 @default.
- W2270725435 hasRelatedWork W2263593956 @default.
- W2270725435 hasRelatedWork W2269081824 @default.
- W2270725435 hasRelatedWork W2272719422 @default.
- W2270725435 hasRelatedWork W2526235482 @default.
- W2270725435 hasRelatedWork W270279326 @default.
- W2270725435 hasRelatedWork W281817186 @default.
- W2270725435 hasRelatedWork W283901007 @default.
- W2270725435 hasRelatedWork W3022365880 @default.
- W2270725435 hasRelatedWork W3081930172 @default.
- W2270725435 hasRelatedWork W3122146932 @default.
- W2270725435 hasRelatedWork W3124243896 @default.
- W2270725435 hasRelatedWork W57522133 @default.
- W2270725435 hasRelatedWork W820940021 @default.
- W2270725435 hasRelatedWork W97635379 @default.
- W2270725435 hasRelatedWork W135137874 @default.
- W2270725435 hasRelatedWork W180910155 @default.
- W2270725435 isParatext "false" @default.
- W2270725435 isRetracted "false" @default.
- W2270725435 magId "2270725435" @default.
- W2270725435 workType "article" @default.