Estate of Turner, Sr. v. Commissioner (U.S. Tax Court)
The primary issue for decision was whether the value of the property the decedent transferred to a family limited partnership is included in his gross estate under section 2035, 2036, or 2038. The Tax Court concluded that the value of the property transferred to the FLP is included in his gross estate under section 2036(a). Because section 2036 includes in a decedent’s gross estate the fair market value of the transferred property, no discount for lack of control or lack of marketability is appropriate.