Kimbell v. United States: The Rise and Apparent Fall of the Section 2036 Argument Against FLPs
Brant J. Hellwig
University of South Carolina - School of Law
Tax Notes, Vol. 104, No. 5, August 2, 2004
In this report, Professor Hellwig examines the application of section 2036 to family limited partnerships in the context of the Fifth Circuit's recent opinion in Kimbell v. United States. After describing how the government developed section 2036 into an effective tool in combating the use of family limited partnerships to generate transfer tax savings, the report details how the Fifth Circuit's interpretation of the adequate and full consideration exception to section 2036 in Kimbell severely curtails the government's position. The report concludes with criticisms of the Kimbell decision, namely that the court failed to properly follow its own precedent in Wheeler v. United States and that the court failed to consider the legislative purpose behind section 2036 in interpreting the adequate and full consideration exception.
Accepted Paper Series
Date posted: July 30, 2004
© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo4 in 0.313 seconds