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administrative costs pursuant to section 7430 and Rule 231.1
This Court ruled in favor of petitioners, in Dailey v.
Commissioner, T.C. Memo. 2001-263, and we incorporate herein by
reference the facts set forth in that opinion.
Background
On October 20, 1992, Elma Middleton Dailey executed a will,
a Revocable Living Trust (trust), and an Agreement of Limited
Partnership (agreement) of Elma Middleton Dailey Family Limited
Partnership (FLP). On November 13, 1992, Mrs. Dailey contributed
publicly traded stock to the FLP, and on December 8, 1992, she
gave limited partnership interests in the FLP to her son, her
son’s wife, and the trust.
By notices dated March 15, 2000, respondent determined
Federal gift and estate tax deficiencies relating to the
valuation of the FLP interests. At trial, the Court upheld
petitioners’ discounts and held that there were no deficiencies.
On December 4, 2001, petitioners filed their motion for
allowance of claims for litigation and administrative costs. On
March 4, 2002, respondent filed an objection to motion for
litigation costs and memorandum of points and authorities in
support of respondent’s objection to the motion for litigation
costs. Petitioners then filed an affidavit on June 19, 2002.
1 Unless otherwise indicated, all section references are to
the Internal Revenue Code in effect at relevant times, and all
Rule references are to the Tax Court Rules of Practice and
Procedure.
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Last modified: May 25, 2011