IRS Scores Rare Family Limited Partnership Victory

Written by Jim Worthington on March 18, 2016

The IRS must have been celebrating more than St. Patrick’s Day yesterday. The Tax Court gave it a rare victory and held that a family limited partnership had not been formed for any non-tax reasons and hadn’t been operated with the necessary business formalities. The case hails from Tennessee and is the Estate of Sarah D. Holliday. Look for updates as more details emerge.