• Case Law - QuickRead Top Story

    Estate of Kurt A. Amplatz, Security Bank & Trust Company v. Commissioner:A Case that Exemplifies the Service’s Statutory Obligations When an Estate Return is Selected and Penalties are Recommended, and What Ultimately is a Triable Issue Before the U.S. Tax Court

    June 3, 2026

    The recent U.S. Tax Court case, Estate of Kurt A. Amplatz, Security Bank & Trust Company v. Commissioner, offers QuickRead readers an opportunity to better understand what happens when the Service selects an estate’s 706 for audit, procedural issues that arise when motions for summary judgment are filed, and why penalty assessments under section 6662 are virtually always a triable issue. The ruling is cited extensively in the article because it provides those not familiar with a detailed roadmap of the Service’s statutory obligations and what is ultimately a triable issue. The recent U.S. Tax Court case, Estate of Kurt…

  • Case Law - QuickRead Featured

    Estate of Holliday, T.C. Memo 2016-51 (March 17, 2016)

    April 27, 2016

    A Taxpayer Loss—Assets Included in the Estate We find ourselves in a familiar place once again—that is, analyzing a case in which the IRS attacked an FLP under I.R.C. § 2036. Just two months ago, I wrote an overview of Estate of Purdue v. Commissioner, (T.C. Memo 2015-249), in which the IRS attacked a closely-held asset holding company, in that case it was an LLC, under I.R.C. §2036. While both holding companies were attacked under Section 2036, the cases could not have ended up more differently for the taxpayers. Purdue was a taxpayer win; Holliday was not.

  • Case Law - QuickRead Featured - QuickRead Top Story

    Estate of Richmond v. Commissioner

    August 5, 2015

    Guidance on How to Calculate the Built-in Capital Gains Tax?! Estate of Richmond is well known among experienced valuation professionals for at least two reasons. First, the U.S. Tax Court was critical of the experts’ lack of credentials and the fact that the estate submitted an unsigned, marked-up report with the 706. Second, the U.S. Tax Court did not allow a 100 percent BICG tax reduction. Rather, the Court provided guidance regarding the extent of the BICG deduction. The author, an experienced valuation advisor, shares his views on both of these issues.

  • QuickRead Top Story - Tax

    IRS Grants Relief To Small Estates

    April 23, 2014

    (…and possibly their valuation consultant?) Rev. Proc. 2014-18 provides a simplified method for certain taxpayers to obtain an extension to elect portability under Code Sec. 2010(c)(5)(A). This method allows a widow or widower to apply a deceased spouses unused exclusion (DSUE) amount to the surviving spouse’s subsequent transfers during life or at death. In these situations, the ability to file and use the DSUE amount is a must.

  • Case Law - QuickRead Archive

    Tax Court Rules: A Business Claims Value of $12M; The IRS Argues for $36M

    May 9, 2012

    Estate of Natale B. Giustina v. Commissioner What happens when a case lands in the United States Tax Court where Form 706 found the fair market value of a business share at $12.6 million and the IRS estimates it’s worth $36 million? Find out, in Estate of Natale B. Giustina v. Commissioner! At issue was a 41 percent share in a closely held timber company. Meanwhile, in the Delaware Chancery Court, In re Answers Corp. Shareholders Litigation finds plaintiff shareholders arguing to enjoin the sale of the company because they believed it was of higher worth. The Court finds the…