In my previous post, I wrote that contrary to media reports, it was highly likely that the Michael Jackson Family Trust did not distribute his assets to his mother and children outright. Various sites reported that the mother “gets” 40%, the three children receive 40% between them, and charities receive 20%. But his estate had...
Taxes
On February 3, 2010, the Tax Court released its decision in Estate of Shurtz v. Commissioner. This case is interesting for a number of reasons. First, even though it involves a family limited partnership, the case is not about the estate taking substantial discounts. In fact, the word “discount” is not even mentioned in the...