Steve Akers and Ron Aucutt, of Bessemer Trust, have published their summary of Howard V. Moore, T.C. Memo 2020-40 on the Bessemer website, along with a video presentation. The summary of their presentation and case summary is as follows:
- Land contributed to an FLP is included in the estate under § 2036(a)(1), with a lengthy discussion of the § 2043 “consideration offset” adjustment.
- A formula transfer to charity in light of the inclusion of additional assets in the gross estate following an estate tax audit is not given effect.
- Loan proceeds are gifts because notes documenting the loans are not treated as bona fide debt.
We recommend that you download the Estate of Howard V. Moore, T.C. Memo 2020-40 document prior to watching, as Mr. Akers and Ron Aucutt refer to it throughout the video.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.