Estate of George H. Wimmer v. Commissioner of Internal (U.S. Tax Court)
The parties disagree as to whether the limited partnership interest what were gifted from 1996 through 2000 were qualified under the annual gift tax exclusion. In this instance, the Court is concerned with an ownership interest in a limited partnership entity and in order to qualify for the exclusion from the annual gift tax, the donees receiving the interest must demonstrate that they had a present interest. The partnership was determined to have received and was able to expect quarterly dividends and the partners had full power to manage, control, administer, and operate the Partnership’s affairs and as such, these interests qualifies for the annual gift tax exclusion.