The IRS refuses to throw in the towel on a 2012 case involving transfers to a family limited partnership (FLP). The agency has announced a formal nonacquiescence to the Wandry decision. (TC Memo 2012-88) In this case, the Tax Court approved a favorable valuation of a business interest based on a specific clause in the gift documents. The nonacquiescence means the IRS will continue to challenge such clauses.
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