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The U.S. Supreme Court has affirmed a decision denying a tax refund to the estate of a building materials company owner. The Court ruled that the $3 million in life insurance proceeds used to redeem the decedent’s stock must be included when valuing the company’s stock for estate tax purposes. This unanimous decision supports the IRS's position in the corporate redemption tax case and will require estate lawyers to reevaluate their strategies for reducing taxes for family businesses creating succession plans.
Estate lawyers will have to reevaluate their options for reducing taxes for family businesses creating succession plans after the US Supreme Court's decision against an estate in its stock valuation dispute with the IRS. https://t.co/oAmuqtHq0V
Estate lawyers will have to reevaluate their options for reducing taxes for family businesses creating succession plans after the US Supreme Court’s decision against an estate in its stock valuation dispute with the IRS. https://t.co/Wxy9Np7uFF
Unanimous @USSupremeCourt Affirms IRS's Position On Life Insurance Proceeds Used To Fund A Stock Redemption https://t.co/0nKENuGeBz https://t.co/OPp3WxbaXL
