Fifth Circuit Affirms District Court and $83 Million in Unpaid Taxes and Interest Owed by Donees The Fifth Circuit recently affirmed the district court’s decision and the imposition of unpaid taxes and interest on donees of shares sold at less than fair market value to the company owed by relatives of the donor. As Joe Brophy explains, this case illustrates the pitfalls of deathbed planning involving asset transfers below market value.
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Fifth Circuit Reverses the U.S. Tax Court and Upholds the Fractional-Ownership Discount The Fifth Circuit reversed the U.S. Tax Court recognizing the fractional-ownership discount advanced by the Estate of Elkins and awarding the Elkins family a $14.4 million estate tax refund. Joseph Brophy explores the recent ruling.