Wandering Far Afield with Defined Value Clauses
6 Pages Posted: 2 Jun 2012
Date Written: May 31, 2012
The Wandry decision extends the application of defined value clauses beyond those family limited partnership cases that transfer any excess value to a charity. In Wandry, the Tax Court reads Procter narrowly and ignores the fundamental rationale of Robinette.
Keywords: Defined Value Clauses, gift tax, family LLC, FLP, Wandry, Procter, Robinette
JEL Classification: K34, H20, H24
Suggested Citation: Suggested Citation