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Estate of Powell: A New Example of Failed Deathbed Tax Planning

Estate_of_Powell Valuation_Discounts, Deathbed_Tax_Planning, Tax_Planning, Best, Estate_Tax_Repeal, Family_Limited_Partnership_(FLP),

by Joseph Percopo, JD, LLM | Mateer & Harbert

The recent Tax Court decision of Estate of Powell represents the latest successful attack on valuation discount planning. By extending application of Code § 2036(a)(2) to decedents that own only limited partnership interests, Powell may be the most important tax case affecting family limited partnerships and family limited liability companies in more than a decade. If broadly applied, the findings in this case could eliminate many...

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