Bigelow Analyzed

Prof. Wendy Gerzog (Professor of Law, University of Baltimore School of Law) has recently posted her article on SSRN entitled Bigelow: The Ninth Circuit on FLPs.  The article also appears in Tax Notes, Vol. 117, No. 12, 2007.

Here is the abstract of her article:

The article discusses the Ninth Circuit’s recent Bigelow case. The issues on appeal were: 1) whether the Tax Court erred in its finding that there was an implied agreement of income retention from the property the decedent transferred to her FLP, and 2) whether the Tax Court erred in its holding that the transfer did not constitute a bona fide sale for adequate and full consideration, exempting it from section 2036.