Estate Practice and Elder Law - Top Statutes & Cases
9/3/2009 11:57:15 AM EST
U.S. Tax Court: Pierre v. Commissioner, 2009 U.S. Tax Ct. LEXIS 21
In a case decided August 24th, the U.S. Tax Court held that although a single-member limited liability company (LLC) is a disregarded entity for federal tax purposes under the check-the-box regulations, the taxpayer here was not liable for gift tax on the underlying assets she contributed to the LLC before she contributed shares of the LLC to trusts for her son and granddaughter.
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