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KERR v. C.I.R.

No. 00-60903.

292 F.3d 490 (2002)

Baine P. KERR; Mildred C. Kerr, Petitioners-Appellees-Cross-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant-Cross-Appellee.

United States Court of Appeals, Fifth Circuit.

June 10, 2002.

Attorney(s) appearing for the Case

John W. Porter (argued), Baker Botts, Houston, TX, for the Kerrs.

Ann Wray Johnson Muoio, Jonathan S. Cohen (argued), U.S. Dept. of Justice, Tax Div., Charles Casazza, Clerk, U.S. Tax Court, Richard W. Skillman, Chief Counsel, Internal Revenue Service, Eileen J. O'Connor, Asst. Atty. Gen., U.S. Dept. of Justice, Washington, DC, for C.I.R.

Before DUHÉ, BARKSDALE and DENNIS, Circuit Judges.

DUHÉ, Circuit Judge:

Today we consider the method for evaluating for gift tax purposes interests in a closely held family partnership. In valuing an interest in a closely-held partnership, a discount for lack of liquidity or marketability which would be generally appropriate may be inappropriate if the valuation is to determine tax owing on a gift of such interest. In establishing the valuation for gift tax purposes...

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