“Defending Family Partnerships and LLC’s From IRS Attack”
Registration begins at 5. Meeting begins at 5:20. Program begins at 5:30.
“Defending Family Partnerships and LLC’s From IRS Attack: A Tax Litigator’s Perspective”
The IRS continues to vigorously scrutinize family limited partnerships (“FLP’s”) and family LLC’s (“FLLC’s”). If the IRS perceives that any weaknesses exist in the formation, capitalization, operation and gifting of FLLC or FLP interests to family members, or trusts for their benefit, a challenge can be expected. The key to sound estate planning using FLP’s or FLLC’s is to identify and be aware of the various types of IRS attacks, and to avoid planning mistakes in documenting and developing FLP or FLLC structures. Many of the lessons to learn can be gleaned from an understanding of the factual evidentiary issues arising from decided cases. This outline will focus on the various tools the IRS has at its disposal, and the steps estate planners can undertake to mitigate the risks of challenge. The focus of this topic is a review of some of the more recent case decisions and their fact patterns to help estate planners avoid foot faults and embrace good facts when appropriate.
Curtis Elliott has practiced corporate law, trusts and estates law and litigation, with a primary emphasis on tax law, since 1983. He has been recognized by his peers as one of the Best Lawyers in America in tax law. Mr. Elliott represents business owners and entrepreneurs. He helps clients achieve their corporate tax, estate planning, trusts and estates and business planning goals, and helps clients solve problems.
Education:
- George Washington University National Law Center, LL. M., Taxation, highest honors
- University of South Carolina School of Law, J.D.
- University of South Carolina, B.S., Accounting
Bar Admissions:
- North Carolina
- South Carolina
- U.S. Tax Court
