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STRANGI FRUIT
August 23, 2005
The TaxProf today lifts Lee Sheppard's analysis of the Strangi family limited partnership cases out of the Tax Analysts firewall. Her summary:
So where are we now? It will be much more difficult, if not impossible, for the family limited partnership doing nothing but holding the portfolio assets of some core affluent decedent to be justified by a made-up business purpose. The business purpose inquiry comes late, after the inquiry whether the decedent retained possession and enjoyment of the transferred assets (or controlled their disposition), but the point is that it comes eventually. Estate planners have lost their bid to keep business purpose out of the evaluation of the paper transactions they create.
Keep reading past the references to Japanese teenagers and ugly handbags; it's worth it.
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