Estate of Korby

Earlier on this blog, I discussed the 8th Circuit case of Estate of Korby v. Commissioner

For a discussion of this important case, see Reni Gertner, Courts crack down on FLPs, Lawyers USA, Jan. 1, 2007, at 1, in which the author explains how the court determined that “[t]he value of assets transferred to a family limited partnership must be included in the decedents’ estates for tax purposes, because they retained an implied right to the income from the assets during their lifetime.”