Personal Planning Strategies - Tax - United States
Consider Reviewing and Updating Previously Executed LLC Agreements and Partnership Agreements After the flurry of estate planning activity at the end of 2020, particularly the transfer of entity interests, such as limited partnerships and limited liability companies, we want to revisit the issues raised by the Tax Court's decision in Estate of Powell v. Commissioner. In this decision, the Tax Court agreed with the IRS that a donor's retention of certain powers over distributions in a limited partnership agreement (including the right to vote in favor of dissolution) were sufficient to make t...
Source: mondaq.com