Peter S. Peracchio - Page 1

                                 T.C. Memo. 2003-280                                  

                               UNITED STATES TAX COURT                                

                          PETER S. PERACCHIO, Petitioner v.                           
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 10470-01.             Filed September 25, 2003.             

                    P transferred limited partner interests in a                      
               family limited partnership (PT) to a family trust (T)                  
               pursuant to two separate transactions.  In one of the                  
               transactions, P transferred a 45.47-percent limited                    
               partner interest to T for no consideration.  In the                    
               other transaction, P transferred a 53.48-percent                       
               limited partner interest to T in exchange for T’s                      
               promissory note in the amount of $646,764.                             
                    Held:  Fair market value of the transferred PT                    
               interests determined.  See sec. 2512, I.R.C.                           
                    Eric M. Nemeth, Michael J. Mulcahy, and Brian C.                  
               Bernhardt, for petitioner.                                             
                    John W. Stevens, for respondent.                                  

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