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Member
Group: Forum Members
Last Login: 2/13/2006 1:51:25 PM
Posts: 1,
Visits: 5
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| The donor writes a check for $50,000.00 to ABC Limited Partnership for a 1% limited partnership interest in a real estate activity. He requests that the title be in his Son's name. Can this gift of a 1% interest be discounted since it is non-traded, and its a minority interest? Or do we have to show as a $50,000.00 gift since the interest in the partnership was never in the title of the donor?
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Member
Group: Forum Members
Last Login: 6/25/2007 3:50:45 PM
Posts: 16,
Visits: 92
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| I would think if the donor paid $50,000 for a fractional interest that the IRS would argue that the fractional interest is worth $50,000 unless something material happened between the time he paid for it and the title vested in the donee.
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