It’s Always Fun to Read About Uncle Sam Losing In Tax Court

United States Tax CourtThat happened in the Estate of Purdue case decided on December 28, 2015–less than three months ago. And you can read a brief summary of why in the instructively titled article Attention to How Your Farm Business is Organized Pays Off for the Heirs at Tax Time.

Bottom line, a family limited liability company formed with 1. important non-tax purposes in mind and 2. appropriate attention to the legal niceties of of running such a company paid off in big tax savings for the Purdue family. As the court’s opinion demonstrates, it’s not easy, but it can be done. Families whose net worth is tied up largely in small, closely held business or family farms or ranches should take note.

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